A Trump Account is a new type of individual retirement account (IRA) established for eligible children under age 18, designed to allow funds to grow tax-deferred until the child reaches adulthood. The account is owned by the child but managed by a parent or guardian during the growth period. Created as part of the One Big Beautiful Bill […]
Ask Phil: Phil’s 2026 Tax Season Predictions — Refunds, IRS Service, and the Tips Deduction
Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, shares his predictions and insights for the upcoming 2026 tax season. From refunds to IRS service levels, here’s what taxpayers can expect. Hot Take #1: Tax Refunds Will refunds go up or down this year? While some expect increases, Phil’s take is that refunds will likely stay about […]
Who Qualifies for Tax Relief Programs in 2026?
Millions of Americans struggle with tax debt each year. Rising living costs, unexpected financial setbacks, and simple filing mistakes can all lead to a balance owed to the IRS. For taxpayers facing mounting penalties and interest, the good news is that the IRS offers several tax relief programs designed to help individuals resolve their tax […]
New Tax Season Tips: Avoiding Penalties and Maximizing Deductions – Optima Tax Relief
Wondering what you need to know for this tax season? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain why filing isn’t voluntary, how to avoid a Substitute for Return, and how to request an extension to prevent failure-to-file penalties. If You Need Tax Help, Contact Us Today for a […]
S Corp vs. LLC Taxes: Which Saves You More in 2026?
Choosing the right business structure can have a significant impact on how much you pay in taxes each year. For many entrepreneurs, freelancers, and small business owners, the decision often comes down to S Corp vs LLC. Both structures provide liability protection and pass-through taxation, but they differ in how owners are compensated, how payroll taxes are handled, […]