Do You Have to Pay Taxes on Gambling Winnings?
Jul 15, 2026Key Takeaways Yes, gambling winnings are taxable. The IRS generally requires taxpayers to report all gambling winnings—including casino jackpots, sports betting income,...
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IRS Interest Rates Rise for Q3 2026: What Taxpayers Need to Know
Jul 14, 2026The Internal Revenue Service (IRS) has announced that interest rates will increase for the third quarter of 2026, beginning July...
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Court Ruling Expands IRS Ability to Pursue Taxpayers in Preparer Fraud Cases
Jul 13, 2026Key Takeaways The IRS generally has three years to audit a tax return, but the statute of limitations can extend to six...
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What is FICA Tax? (2026 Rates and How It Works)
Jul 12, 2026Key Takeaways: FICA is a mandatory federal payroll tax that funds Social Security and Medicare. Employees pay 7.65%, employers match...
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Does Owing the IRS Affect Your Credit Score?
Jul 11, 2026Key Takeaways Owing the IRS does not directly affect your credit score because the IRS does not report tax debt or...
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Optima Tax Relief Concludes Annual Donation Drive Supporting Families Across Los Angeles and Orange County
Jul 10, 2026Employees contributed essential goods including food, clothing, books, and footwear to local nonprofit organizations Optima Tax Relief has completed its annual donation...
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Tax Help for Self-Employed Individuals
Jul 9, 2026Key Takeaways Self-employed individuals are responsible for paying both federal income tax and self-employment tax, as well as making quarterly estimated tax...
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FBAR vs. FATCA: What’s the Difference? | Optima Tax Relief
Jun 30, 2026Key Takeaways FBAR and FATCA are separate reporting requirements. The FBAR (FinCEN Form 114) is filed with FinCEN to report...
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How a Tax Lawyer Negotiates With the IRS
Jun 27, 2026Key Takeaways A tax lawyer negotiates with the IRS by reviewing your financial situation, identifying eligible relief programs, gathering documentation, and communicating...
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How Much Should I Withhold On My W-4?
Jun 25, 2026Key Takeaways Form W-4 tells your employer how much federal income tax to withhold from each paycheck, helping determine whether you receive...
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