Worried about the IRS garnishing your refund? There are a few instances where this could happen. CEO David King and Lead Tax Attorney Phil Hwang discuss these circumstances and what you should do if you’re thinking your refund could be at risk for IRS seizure. If You Need Tax Help, Contact Us Today for a Free […]
New Consequences of Payroll Tax Liability
The responsibility of payroll taxes falls on the shoulders of employers, although they come from employee paychecks. The federal government, Social Security and Medicare heavily rely on taxes from employee wages. IRS revenue officers are now tracking how unpaid payroll taxes were spent during their “trust fund investigation.” Payroll Taxes Used for the Employer’s Benefit […]
New IRS Voice Bot Options Shortens Wait Time
Many taxpayers are hesitant about calling the IRS for several reasons, including the long wait time to speak with a representative. A phone call could take hours that you may not have to spare in your day to get answers to simple questions. The IRS launched what they believe to be the answer to this […]
How the Economy and Inflation Affect Your Taxes
With the rise of gas prices and the decline of the housing market, it’s no secret that the United States is experiencing inflation. Inflation doesn’t stop at gas and housing, though, as the state of the economy also impacts your taxes. The IRS updates certain tax provisions annually to account for inflation, so your tax […]
Optima Newsletter – June 2022
Can the IRS Automatically Complete Tax Returns? A new study shows that the IRS may be able to complete nearly half of the nation’s tax returns automatically. The study proves that over 60 million pre-populated tax returns can be correctly auto filled with information that the IRS previously collected. What if I Can’t Pay My […]
Tips for Choosing a Tax Professional
There is no shame in needing professional help during tax season. In fact, if you’re able to afford tax assistance or find community resources, you’ll have a better likelihood of accurate returns. Getting your return completed correctly the first time means fewer delays and getting your refund faster. Choosing the wrong tax professional, however, could […]
What if I Can’t Pay My Installment Agreement?
CEO David King and Lead Tax Attorney Phil Hwang reconvene to continue the discussion on IRS installment agreements. In this episode of The Tax Show for People Who Owe, the hosts discuss solutions to unaffordable payment plans. What should you do if you can’t make a payment? Tune in for suggestions. Contact Us Today for […]
The Consequences of Owing Taxes
Owing the IRS can be a scary and confusing time, especially if you don’t know what to expect. The IRS has protocols to collect past due balances. This article will review the consequences of owing taxes. Interest and Penalties The IRS adds interest to your tax liability daily until you pay it in full. The […]
Tax Reduction Strategies
While taxes are inevitable, you want to make sure that you’re not paying more than you have to. You can legally reduce your taxes by using strategies that you may not be aware of. Here are some tax reduction strategies from Optima Tax Relief. Retirement Contribution A simple way to reduce your taxes is by […]
What are Non-Taxable Earnings?
There are instances where income will not be taxed, whether or not you report it during tax season. Understanding which earnings are taxable versus non-taxable could save you a lot of time and trouble when you file your tax returns. Non-taxable earnings The following forms of income are non-taxable: Most healthcare benefits Scholarships and student […]