Wondering how to help your children start building wealth from day one? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain the new Trump Account, a tax-advantaged savings account for children under 18. Discover how the accounts grow over time, the $1,000 government seed contribution, and how parents or guardians […]
Article from February 2026
Taxes on Inherited Accounts
Inheriting assets can be a bittersweet experience. While it often signifies the passing of a loved one, it can also provide financial stability and opportunities for the future. However, along with the emotional and financial aspects of inheritance come tax implications, especially regarding inherited accounts. Understanding taxes on inherited accounts is essential for managing inherited IRAs, 401(k)s, taxable investment accounts, […]
Ask Phil: Is All My Debt Included When I File For Bankruptcy?
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, answers another tax question from Reddit. This time, the topic is bankruptcy and how tax debt is treated during the process. The taxpayer in this scenario has a $25,000 tax debt with the IRS and is currently on an installment agreement. However, when reviewing […]
IRS Phishing Emails: Real Examples and Warning Signs
IRS phishing emails remain one of the most widespread threats to taxpayers, and they continue to grow more sophisticated each year. As more tax services move online, scammers have found new ways to impersonate the Internal Revenue Service and trick people into sharing personal data or sending money. These messages often look official, use realistic language, and […]
Wage Garnishment on Student Loans: How it Works and How to Stop It
Student loan wage garnishment is one of the most serious consequences a borrower can face when federal student loans fall into default. Unlike most other consumer debts, the federal government has powerful collection tools that can reach directly into your paycheck without first suing you in court. For borrowers already struggling financially, this can feel overwhelming and […]