Optimum Financial Group

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FAQ's

Q. Calculate Your Tax Bracket ?

A. Clients often ask  what tax bracket they are in.   Here is a handy calculator which will assist you in determining your potential tax bracket.  Please remember that your tax bracket is the rate you pay on the last dollar you earn...not on your entire income.   Click here to try it out!

Find answers to your most frequently asked questions about Tax Preparation, Notary, and other services.

Click Here to see the new tax law changes going into effect in 2018 (filing in 2019).

Most of these new laws do NOT affect the upcoming filing season in 2018.

Q. Where is my refund??

A. OFG offers you direct deposit refunds from the IRS usually within 10 business days.  These funds are directly deposited into your banking account.  If you elect to mail your return, expect to wait up to 2-6 weeks. If you are near the April 15th deadline, you may encounter an even longer waiting period.

For the status of your refund, go to IRS.gov and click on "Where’s My Refund? or call the Refund Hotline at (800) 829–1954. The IRS recommends that you wait to check on the status of your refund at least 7 days after you e-file. If you file a paper return, they suggest a 4 to 6 weeks waiting period for processing before checking on the status.

Note: According to the IRS, refunds are sent out weekly on Fridays... if you check the status of your refund and are not given the date it will be issued, it is suggested that you wait until the following week before checking back.

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Q. What if I miss the deadline and need to file an extension?

A. It is perfectly acceptable to file an extension with the IRS... there is no reason not to if you find it necessary to do so. However, you MUST pay your estimated tax due PRIOR to the regular tax deadline in order to AVOID any late penalties and interest. If you cannot pay the full amount you owe, pay as much as you possibly can with the extension form. If you own a business, sometimes filing an extension can be to your advantage if it allows you more time to search your records for additional deductions; however, you still need to pay as much as you can with the extension.

The extension deadline is October 15 (unless it falls on a weekend).

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Q. How long does it take for my taxes to be prepared?

A. Normal preparation time will be 24 to 72 hours for basic individual returns after our initial meeting, assuming MTL has complete information. More complex individual returns and business returns may require more time. As the tax deadline approaches, the turnaround time may lengthen due to current backlog.

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