Selling personal items online has become a common practice. Many people do this through platforms like eBay, Facebook Marketplace, Offerup, or Poshmark. Many people sell items they no longer need, such as clothing, electronics, or furniture. While selling a few personal belongings may seem straightforward, there are tax implications to consider. Understanding when and how […]
Ask Phil: Important IRS Online Account Updates
Today, Optima Tax Relief Lead Tax Attorney, Phil, is breaking down why every taxpayer should create an IRS online account, especially heading into tax season. Why Create an IRS Online Account An IRS online account gives you secure access to your tax information anytime, without needing to call or wait for the mail. Through your […]
What is Imputed Income?
While you may not have heard of the term “imputed income,” chances are that you might be receiving it from an employer. Imputed income is essentially non-cash goods or services that you receive from your employer as a form of income. Many people think of taxable income as only the money they receive in their […]
What is the Lifetime Learning Credit?
Higher education is one of the most significant investments individuals can make. However, the rising cost of tuition can be a financial burden. To help ease this burden, the IRS offers various tax credits for education-related expenses. One such credit is the Lifetime Learning Credit (LLC). The LLC provides taxpayers with an opportunity to reduce […]
What Does My IRS Notice Mean?
Receiving an IRS notice can be stressful, but understanding what it means is the first step toward resolving your tax situation. In Part 2 of our IRS Notices series, CEO David King and Lead Tax Attorney Philip Hwang explain what your notice means and outline the key steps you can take to resolve your tax […]