Optima Newsletter

What Are Capital Gains?  Capital gains represent the profit earned when an asset is sold for more than its original purchase price. This concept is crucial for investors, homeowners, and anyone involved in the buying and selling of valuable assets. Understanding how capital gains work and their tax implications can help individuals and businesses make […]

Can the IRS Suspend Your Licenses? From wage garnishments to levies on property, the IRS has a variety of tools to collect unpaid taxes. But can the IRS suspend your professional, business, or driver’s licenses? This article explores the extent of the IRS’s authority, its collaboration with other agencies, and the steps you can take […]

Unfiled Tax Returns: What You Need to Know  Filing tax returns is a fundamental responsibility of every taxpayer, yet many individuals find themselves with unfiled tax returns. This issue is not just a financial inconvenience—it carries significant legal implications. The IRS has robust mechanisms to address unfiled returns, and ignoring this obligation can lead to […]

Can the IRS Take My Social Security? When you have unpaid taxes, many beneficiaries fear that the IRS could step in and take a portion of their much-needed Social Security payments. It’s an unsettling thought, but it raises an important question: can the IRS take your Social Security? The answer, unfortunately, is yes—but it’s not […]

Can I Claim My Parent as a Dependent?  Caring for an elderly parent can be a financial toll, especially when you also have children to care for. Claiming a parent as a dependent can provide significant financial benefits, but there are specific IRS rules and requirements that must be met to qualify. If you’re supporting […]

What is the Gift Tax Exclusion?  When it comes to transferring wealth, the gift tax exclusion is a valuable tool for individuals looking to pass on assets without incurring significant tax liabilities. The gift tax is a federal tax on the transfer of money or property from one person to another without receiving something of […]