Raising a child comes with its fair share of expenses. Fortunately, the federal government recognizes the financial strain that parenting can put on families. With that, they offer child care tax breaks to help ease the burden. In this article, we will […]
ERC Scams Are on the Rise – Don’t Fall Victim
The IRS issued warnings to businesses of a rise in Employee Retention Credit scams. Optima CEO David King and Lead Tax Attorney Philip Hwang provide helpful guidance on how to recognize the warning signs of an ERC scam and what to do […]
How Does Alimony Affect Your Taxes?
Divorce can be a complex and emotionally challenging process, with numerous financial and legal considerations to address. One crucial aspect often overlooked is the impact of alimony on your taxes. Alimony, also known as spousal support or maintenance, is a regular payment […]
Ask Phil: How to Mitigate & Remove IRS Penalties & Interest
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses penalties and interest again, but this time gives tips on how to mitigate and even remove them. Penalties and interest can quickly get out of hand. The best way to mitigate […]
Tax Deductions You Can Claim Without Itemizing
Tax season can be a stressful time for many individuals, but it can also bring some relief in the form of deductions that can lower your overall tax liability. While itemizing deductions can often yield significant tax savings, not everyone has enough […]
Which Income Types Are Not Taxable?
Taxes are an integral part of our financial lives, but not all income is subject to taxation. Understanding which income types are taxable and which are not can help you make informed financial decisions and potentially reduce your tax burden. In this […]
Ask Phil: The 411 on Tax Extensions
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, breaks down tax extensions. Can anyone file a tax extension? When is the deadline to file? A tax extension is an additional 6-month period the IRS grants a taxpayer to file their […]
Tax Tips for Grad Students
As a graduate student, you’re no stranger to the demands of academia, from coursework and research to teaching and TA duties. Amidst the hustle and bustle of graduate life, it’s essential not to overlook your tax obligations. By understanding and effectively managing […]
My Tax Refund is Late. Now What?
Tax season can be both a stressful and eagerly anticipated time of the year. Many people look forward to receiving their tax refunds, as it often represents a financial boost. However, what happens when your tax refund is late? This delay can […]
Ask Phil: Back Taxes & Real Estate. How Does it Work?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses taxes and real estate, including buying, selling, and refinancing your home while owing taxes. Tax Liens Real estate transactions can quickly become tricky if you owe taxes and even more so if […]