Life can be challenging when facing both financial difficulties and health issues. Many taxpayers ask themselves, “Can I get disability if I owe back taxes?” For individuals experiencing a debilitating condition while also owing back taxes, the situation can seem overwhelming. However, […]
Ask Phil: The 411 on the Most Common Tax Forms
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses the most common tax forms every taxpayer should know about. Tax Form 1040 or 1040-X The well-known U.S. Individual Income Tax Return, Form 1040 is what you will use to report both […]
What’s Going on with Social Security?
Social Security, a cornerstone of America’s safety net, has been providing financial support to millions of retirees, disabled individuals, and surviving family members for decades. However, as our society undergoes demographic shifts and economic challenges, it has become increasingly evident that the […]
What is a W-9 Form?
Whether you are a small business owner hiring independent contractors or a freelancer seeking work opportunities, the W-9 form plays a crucial role in the world of taxes. The IRS uses this form to gather essential information about independent contractors, consultants, and […]
Are Canceled Liabilities Taxable?
Dealing with debt can be a stressful and overwhelming experience. Imagine, though, finally having a weight lifted off your shoulders when a creditor cancels or forgives a portion of your outstanding debt. While the relief might be immense, it’s essential to understand […]
Ask Phil: Top Tips to Avoid IRS Audits
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses his 5 top tips for how to avoid an IRS audit. File Your Taxes: Some taxpayers don’t file because they think they don’t have to. The minimum requirement to file a tax […]
Optima Newsletter – July 2023
Am I Responsible for My Spouse’s Back Taxes? Marriage is viewed as a union of two individuals, joining both their lives and responsibilities. As financial obligations and responsibilities intertwine, questions arise about whether one spouse is accountable for the other’s past tax […]
Tax Tips for Resident and Non-Resident Aliens: Part 2
When it comes to filing taxes as a resident or non-resident alien, the first step is determining your alien status for tax purposes. If you satisfy the requirements of either the IRS green card test or the substantial presence test, you will […]
Tax Tips for Resident and Non-Resident Aliens: Part 1
Did you know you are required to pay taxes on your income even if you are not an American citizen? The same is true even if you spend some of your time abroad. One important thing to note, however, is the way […]
AGI vs. MAGI
Most taxpayers are used to seeing the term adjusted gross income, or AGI, when filing their tax returns. This is mostly due to the fact that your AGI dictates which tax credits and deductions you qualify for. While the term modified adjusted […]