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 made by one spouse to another after divorce or separation. While it’s essential […]
Article from September 2023
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 them is to pay your tax liability. We understand that this may not […]
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 eligible expenses to make it worthwhile. However, you can still benefit from various […]
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 article, we’ll explore various income sources that are not taxable, shedding light on […]
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 return. It is not an extension to pay your taxes. That said, […]