The IRS is responsible for collecting taxes to fund government operations. While the IRS has various tools at its disposal to ensure tax compliance, there are limitations on what assets it can seize. One question that often arises is whether the IRS has the authority to take pensions. In this article, we will explore the […]
What is a Tax Settlement?
Tax settlements are a crucial aspect of managing one’s financial responsibilities. They provide a mechanism for individuals and businesses to resolve outstanding tax issues with the IRS. This article aims to shed light on the tax settlement process, including its various options, implications, and considerations. Understanding Tax Settlements Tax settlements, also known as tax resolutions, […]
Vehicles for Business Use
In the world of business, the use of vehicles is a crucial decision that directly impacts both operational efficiency and financial considerations. Whether it’s delivering products, attending client meetings, or managing on-site projects, vehicles are indispensable assets for businesses aiming for success. This article delves into the essentials of utilizing vehicles for business purposes, exploring […]
Optima CEO David King Shares His Thoughts on BBB Award for Ethics
Optima Tax Relief was recognized as the sole Category 4 recipient of the Better Business Bureau (BBB) International Torch Awards for Ethics. The award is a prestigious honor bestowed upon businesses that demonstrate a strong commitment to integrity, transparency, and ethical decision-making. Optima CEO, David King, has since spoken to the BBB about the award […]
IRS Collections are Resuming: Are You Prepared?
The new year has brought both good and not so good news from the IRS. The IRS has resumed sending out collections notices to taxpayers who owe. On the other hand, they’re providing $1 billion in penalty relief to nearly 5 million 2020 and 2021 tax returns. Optima CEO, David King, and Lead Tax Attorney, […]
Is My Side Business a Hobby or Small Business?
The desire or need for extra income has become increasingly prevalent. Running a small business can be a rewarding venture, allowing individuals to turn their passion into a source of income. However, it’s crucial to be aware of the Internal Revenue Service’s (IRS) perspective on small businesses, especially when they may be classified as hobbies. […]
What is Innocent Spouse Relief?
Tax matters can be complex and often present challenges for married couples who file joint tax returns. In certain situations, one spouse may find themselves unfairly penalized for the actions of their partner, leading to financial difficulties and strained relationships. To address this issue, the IRS offers a form of relief known as innocent spouse […]
What are Required Minimum Distributions?
As individuals approach retirement, understanding the intricacies of financial planning becomes crucial. One essential aspect of retirement planning is navigating Required Minimum Distributions (RMDs). RMDs are mandatory withdrawals from retirement accounts that individuals must take once they reach a certain age. This article aims to shed light on the significance of RMDs, the rules governing […]
E-Filing vs. Paper Tax Returns
As tax season approaches, individuals and businesses face the crucial decision of how to file their tax returns. Traditionally, paper filing has been the go-to method, but with technological advancements, e-filing has gained popularity. In fact, only about 10% of Americans still file a paper return. This article explores the key differences between paper tax […]
What is the Qualified Business Income Deduction?
In recent years, the tax landscape for businesses has undergone significant changes. One notable addition is the Qualified Business Income (QBI) deduction. Enacted as part of the Tax Cuts and Jobs Act (TCJA) in 2017, the QBI deduction provides a valuable tax break for eligible businesses and their owners. This deduction aims to stimulate economic […]