Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses levies and garnishments, including which assets the IRS can seize and how the IRS can garnish your wages. A levy is a legal seizure against your assets that results from owing back taxes. In truth, the IRS can seize just about anything you own. This […]
How to Keep Good Tax Records
Tax time can be a stressful period for individuals and businesses alike. However, maintaining accurate and organized tax records throughout the year can make the process much smoother and alleviate unnecessary headaches. Whether you’re a freelancer, small business owner, or an individual taxpayer, this guide will provide you with valuable tips on how to keep […]
Can I Have a Passport If I Owe Back Taxes?
A passport is an essential travel document that allows individuals to explore new horizons, visit foreign lands, and experience diverse cultures. However, the privilege of holding a passport comes with certain responsibilities, one of which is fulfilling your financial obligations to the government. In this blog article, we will explore the question of whether you […]
Ask Phil: How Does IRS Enforcement Work?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS enforcement, including the statute of limitations and how it might affect your credit report. Did you know the IRS has a certain amount of time to collect your tax debt before it expires? How long? Well, the simple answer is 10 years, but several […]
Tax Benefits of Flexible Spending Accounts
Last week, we discussed the tax benefits of health savings accounts (HSAs). HSAs are tax-advantaged savings accounts specifically designed for individuals with high-deductible health plans (HDHPs). For those who do not have an HDHP, there are other options when it comes to paying for medical expenses. Enter flexible savings accounts, or FSAs. These can help […]