Life can sometimes throw us curveballs, and as a result, important tasks like filing tax returns can fall through the cracks. If you find yourself in a situation where you have past-due tax returns, it’s essential to address the issue promptly to avoid penalties and legal complications. In this article, we’ll walk you through a […]
IRS Announces Interest Rates for Q1 of 2025
The IRS has released its updated interest rates for the first quarter of 2025, bringing important changes that will impact both individual and corporate taxpayers. Understanding these rates is crucial for effective tax planning and financial management. Here is an overview of the new interest rates and what they could mean for your tax liability. […]
Ask Phil: The 411 on IRS Tax Brackets
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses a hot topic: tax brackets. We hear this term all the time, but what does it mean? And how can it affect the taxes you’re required to pay? What are tax brackets? Tax brackets determine how much federal income tax you owe based on your taxable […]
What To Do If You Receive IRS Notice CP504
Receiving a notice from the IRS can be intimidating, especially if it’s IRS Notice CP504. This is not just a regular reminder; it’s a Final Notice of Intent to Levy. Understanding what this notice means and how to respond promptly is crucial to avoid further penalties and collection actions. Here’s what you need to know […]
2025 IRS Tax Inflation Adjustments
The IRS has announced its annual inflation adjustments for 2025, impacting a wide range of tax provisions. These adjustments are designed to prevent taxpayers from being pushed into higher tax brackets due to inflation. We’ve discussed the updated tax brackets and standard deductions in a previous post. Here’s a breakdown of the other most significant […]
Ask Phil: How Do Gift Taxes Work?
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about a popular giving season topic: gift taxes. Did you know gifting can sometimes lead to taxes owed? It’s the season of gifting, making things like real estate, cars, money, and almost everything else with monetary value subject to tax. The gift tax is a […]
What is the IRS Federal Payment Levy Program?
The IRS Federal Payment Levy Program (FPLP) is a powerful tool the Internal Revenue Service uses to recover overdue tax debts by seizing federal payments owed to taxpayers. Introduced as part of a collaborative effort between the IRS and the Department of the Treasury’s Bureau of Fiscal Service, the FPLP ensures that individuals and businesses […]
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 […]
Every Tax Deadline You Need to Know in 2025
Knowing important tax deadlines in 2025 is essential for staying compliant and avoiding late penalties. Whether you’re an individual taxpayer, business owner, freelancer, or part of a corporation, being informed far beyond the typical April 15th tax deadline is key. This guide covers every key tax deadline, from individual tax returns to quarterly filings for […]
How to Report Passive Income
Passive income includes earnings from sources such as rental properties, limited partnerships, or other enterprises in which you’re not actively involved. Reporting passive income properly is crucial because failing to do so can result in IRS penalties, audits, or other legal issues. This guide will help you understand the basics of passive income, how to […]