Today, Phil gives his top tips on how to avoid IRS levies and liens. Tip #1: Don’t Owe the IRS Avoiding owing the IRS begins with responsible financial management and proactive tax planning. First, maintain accurate records of all income and expenses throughout the year, ensuring you’re well-informed about your financial standing. Next, regularly review […]
Article from April 2024
Can I Claim an Energy Tax Credit?
Amid growing concerns over climate change, the promotion of sustainable energy practices has become paramount. Governments worldwide are increasingly turning to policy measures to incentivize individuals and businesses to adopt renewable energy sources and reduce their carbon footprint. Among these measures, energy tax credits have emerged as a powerful tool to encourage investment in clean […]
Tax Guide for Clergy Members
Tax season can be a stressful time for many individuals, but for clergy members, it often comes with its own set of unique challenges and considerations. Whether you’re a minister, priest, rabbi, imam, or any other religious leader, understanding the intricacies of tax laws can help you maximize your deductions and ensure compliance with the […]
Are You a High-Income Non-Filer? Beware of IRS Collections in 2024
IRS enforcement is back in full effect. In January 2024, the IRS began sending collections notices to individuals and businesses alike. Now they are also turning attention to high-earners who failed to file tax returns between 2017 and 2021. Optima CEO David King and Lead Tax Attorney Philip Hwang explain what new changes you can […]
Optima Newsletter – April 2024
What is Injured Spouse Relief? When couples file joint tax returns, they often expect to share both the benefits and the burdens of taxation equally. However, situations can arise where one spouse’s debts or obligations lead to the entire tax refund being withheld to cover them. But fear not; the IRS offers injured spouse relief. […]