Ask Phil Video Series

Ask Phil: Tips To Avoid Levies & Liens 

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 […]

Ask Phil: What is a Tax Attorney?

Today, Phil explains what a tax attorney is, including what it takes to become one and how they can help you with your tax issues.  What is a Tax Attorney?  A tax attorney is a legal professional who specializes in tax law. They are trained and experienced in dealing with complex tax issues, including tax […]

Ask Phil: What is FinCEN?

Today, Phil discusses the Financial Crimes Enforcement Network, also known as FinCEN.  If you’ve never heard of the Financial Crimes Enforcement Network, you aren’t alone. FinCEN is a bureau of the United States Department of the Treasury. The Financial Crimes Enforcement Network’s primary mission is to combat and prevent financial crimes, including money laundering, terrorist […]

Ask Phil: Top 5 Tax Tips for 2024 

Today, Phil discusses his top 5 tax tips for 2024.   Tax Tip #5: Gather Your Tax Documents Early  Most tax forms, including your W-2s and most 1099s, should be sent to you by January 31. However, there are some tax documents that come in a bit later. For example, 1099-B and 1099-MISC are due to […]

Ask Phil: Welcome to the 2024 Tax Season 

Today, Phil discusses the 2024 tax season, including penalty relief and who qualifies for it.   The IRS is providing $1 billion in penalty relief to nearly 5 million 2020 and 2021 tax returns. To qualify, you must owe less than $100,000 on either year’s tax return. This amount includes penalties and interest. Finally, you must […]

Ask Phil: Gift Taxes 

Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses gift taxes, including how they work and who is responsible for paying them.  The government imposes gift taxes on the transfer of property, money, or assets from one person to another without receiving something of equal value in return. These taxes are typically levied to […]