Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses what tax relief options are available to taxpayers affected by the natural disasters, like the Southern California wildfires and East Coast hurricanes. Casualty Losses Casualty losses are financial losses from unexpected events like hurricanes, wildfires, or theft. To qualify for a deduction, the loss must […]
Article from February 2025
1099s Explained: The Basics
Receiving a 1099 is becoming more and more common with the rise in small businesses, side hustles, and the desire for a second stream of income. With the additional income comes a different tax filing process. If you receive a 1099, it’s because you earned a certain amount of income from a non-employer. Like most […]
What To Do If You Receive IRS Notice CP45
Receiving a notice from the IRS can be unsettling, especially if you were expecting a tax refund and instead learn it has been applied to a debt. IRS Notice CP45 informs you that your tax refund has been used to pay a past-due debt owed by your spouse. This can happen if you filed a […]
Ask Phil: What’s on Phil’s 2025 Tax Radar?
Today, Optima Tax Relief Lead Tax Attorney, Phil, sheds light on the top things on his 2025 tax radar. Here’s what to watch out for this tax filing season. Form 1099-K Taxpayers should keep an eye out for Form 1099-K this year, especially if they received payments through third-party platforms like Venmo, PayPal, or Stripe. […]
What are Unrealized Gains?
When you invest in assets such as stocks, real estate, or cryptocurrencies, you may notice the value of your investments fluctuate over time. If your assets increase in value but you have not sold them, you are experiencing what is known as unrealized gains. Understanding unrealized gains is essential for making informed investment decisions, planning […]