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 […]
Optima Newsletter – December 2024
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 […]
Optima Newsletter – November 2024
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 […]
Optima Newsletter – October 2024
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 […]
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 […]
Optima Newsletter – August 2024
What Happens if I Default on My IRS Installment Agreement? Entering into an installment agreement with the IRS can provide you with a manageable way to pay off their tax liability over time. However, defaulting on an IRS installment agreement can lead to serious consequences. Here, we’ll review the potential repercussions and the steps you […]