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: 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 […]
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 […]
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 […]
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 […]
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. […]
Avoid IRS Penalties: Key Tax Deadlines!
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 […]
How to File Back Taxes
Filing back taxes may seem overwhelming, but catching up is essential to avoid penalties, interest charges, and potential legal consequences. Whether due to an unexpected financial crisis, oversight, or miscalculation, owing back taxes isn’t uncommon. This article will guide you through what […]
Ask Phil: Important 1099-K Update for Small Businesses
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses an important tax update for small businesses and self-employed individuals coming in 2025. If you receive payments through platforms like PayPal, Venmo, Shopify, Etsy, or other payment services, you will receive a 1099-K […]
How Much Should I Offer in Compromise?
When facing substantial tax debt, an Offer in Compromise (OIC) can be a potential lifeline for resolving outstanding liabilities. The OIC allows taxpayers to settle their debt with the IRS for less than the full amount owed. However, determining the right amount […]