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Tax and IRS NewsPublished on Dec 15, 2024
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 […]
Ask Phil Video SeriesPublished on Dec 12, 2024
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 […]
IRS CollectionsPublished on Dec 11, 2024
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 […]
Tax and IRS NewsPublished on Dec 9, 2024
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 […]
Ask Phil Video SeriesPublished on Dec 6, 2024
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 […]
IRS CollectionsPublished on Dec 1, 2024
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 […]
Optima NewsletterPublished on Nov 30, 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 […]
Tax PlanningPublished on Nov 26, 2024
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 […]
Tax ReturnsPublished on Nov 24, 2024
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. […]
Tax Help VideosPublished on Nov 19, 2024
Taxpayers who unknowingly fail to pay their tax burden to the IRS could wind up drowning in additional interest and penalties that are tacked on to their overall tax balance. CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight […]
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