Today, Phil gives his top tips on how to avoid IRS levies and liens. Tip #1: Don’t Owe the IRS Avoiding owing the IRS begins with responsible financial management and proactive tax planning. First, maintain accurate records of all income and expenses throughout the year, ensuring you’re well-informed about your financial standing. Next, regularly review […]
Tax Guide for Clergy Members
Tax season can be a stressful time for many individuals, but for clergy members, it often comes with its own set of unique challenges and considerations. Whether you’re a minister, priest, rabbi, imam, or any other religious leader, understanding the intricacies of tax laws can help you maximize your deductions and ensure compliance with the […]
Are You a High-Income Non-Filer? Beware of IRS Collections in 2024
IRS enforcement is back in full effect. In January 2024, the IRS began sending collections notices to individuals and businesses alike. Now they are also turning attention to high-earners who failed to file tax returns between 2017 and 2021. Optima CEO David King and Lead Tax Attorney Philip Hwang explain what new changes you can […]
Optima Newsletter – April 2024
What is Injured Spouse Relief? When couples file joint tax returns, they often expect to share both the benefits and the burdens of taxation equally. However, situations can arise where one spouse’s debts or obligations lead to the entire tax refund being withheld to cover them. But fear not; the IRS offers injured spouse relief. […]
What is Injured Spouse Relief?
When couples file joint tax returns, they often expect to share both the benefits and the burdens of taxation equally. However, situations can arise where one spouse’s debts or obligations lead to the entire tax refund being withheld to cover them. We’ve covered innocent spouse relief before. However, there is another type of tax relief […]
Should I File a Tax Extension?
The tax filing deadline is just around the corner. If you need more time to prepare your tax return, you can file a tax extension. While a tax extension won’t give you more time to pay your taxes, it will allow a few more months to file your tax return without receiving a failure-to-file penalty. […]
What To Do If Your Tax Refund is Stolen
Tax season is a time of anticipation for many individuals, with the hope of receiving a tax refund. However, the unfortunate reality is that tax refunds, like any valuable document, can be vulnerable to theft. If you find yourself in the distressing situation of having your tax refund stolen, it’s crucial to take swift action […]
Are Employee Stock Options Considered Income?
Employee stock options (ESOs) have long been a cornerstone of compensation packages offered by companies. They are particularly common in the realm of technology and startups. ESOs represent a unique opportunity for employees to share in the success of the company they work for. They allow employees to potentially reap significant financial rewards as the […]
Who Must Pay Additional Medicare Tax?
Medicare is a vital program in the United States, providing health insurance coverage to millions of seniors and certain individuals with disabilities. To fund Medicare, various taxes are levied, including the Medicare tax. However, there’s an additional 0.9% Medicare tax that targets higher-income earners. Understanding who must pay this additional tax is crucial for both […]
IRS Collections Are Back. Will You Be Affected?
The IRS has resumed collections. If you recently received an IRS notice or owe back taxes, you could be at risk of a lien, levy, garnishment, or other means of tax collection. Optima CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on what your IRS notice means, what you need to […]