The IRS can seize your assets if you owe back taxes and fail to resolve your tax debt. This includes bank accounts, wages, and even physical property like cars or homes. Optima Tax Relief CEO, David King, and Lead Tax Attorney, Philip Hwang, provide helpful insight on how you can resolve your tax burden and […]
Q3 2024 Estimated Taxes Are Due. Are You Prepared?
As the third quarter of 2024 comes to a close, taxpayers must remember a crucial deadline: Q3 estimated taxes are due. Whether you’re self-employed, an investor, or someone with substantial income not subject to withholding, making timely estimated tax payments is essential to avoid penalties and stay on the good side of the IRS. Here’s […]
Can the IRS Seize Your State Tax Refund?
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 […]