The IRS, as the federal tax collection agency, has broad powers to collect unpaid taxes. While it can garnish wages, seize assets, and levy bank accounts to satisfy federal tax debts, the question arises: Can the IRS seize your state tax refund to pay off federal tax liabilities? The answer is yes — under the […]
Tax Tips for Turo Car Sharers
Renting out your car on Turo can be a great way to earn extra income, but it also comes with tax responsibilities. If you’re a Turo car sharer, understanding your tax obligations is essential to avoid surprises come tax season. Here are some important tax tips for Turo car sharers to keep in mind. What […]
Optima Newsletter – September 2024
When Does the IRS Pay Interest on Tax Refunds? The IRS typically processes tax refunds quickly, but in some cases, there can be delays. When these delays occur, taxpayers might wonder if they’re entitled to interest on their refund. The IRS does pay interest on tax refunds under specific circumstances. However, the rules governing when […]
Ask Phil: How Much Do Your Services Cost?
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses Optima Tax Relief’s services including their costs. Our services depend on the complexity of each individual tax case. We use a two-step approach to find you the best possible tax resolution. Step 1: Investigation After a brief, free initial consultation, Optima conducts a thorough investigation […]
What is Schedule K-1?
Schedule K-1 is a crucial tax form for anyone involved in partnerships, S corporations, or certain trusts and estates. Traditional tax forms, like the W-2 or 1099, report income directly to individual taxpayers. However, Schedule K-1 reports a taxpayer’s share of income, deductions, and credits from pass-through entities. Understanding how this form works and the […]