Starting a business can be an exciting venture, but it also comes with numerous financial and legal considerations. One crucial aspect that entrepreneurs must understand is taxation. Limited Liability Companies (LLCs) have gained popularity as a business structure due to their flexibility and liability protection. However, the taxation of an LLC can be a bit […]
Articles by Elyssa Carlos
Ask Phil: Employee Retention Credit
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses the Employee Retention Credit (ERC), including the rise in scams surrounding the credit. The ERC is a tax credit that provides financial relief to businesses that have experienced economic hardships due to COVID-19. It encourages employers to retain their employees on payroll by offering a […]
How Are Trusts Taxed?
Trusts play a crucial role in estate planning and wealth management, allowing individuals to protect and distribute their assets according to their wishes. However, navigating the complex landscape of trust taxation can be daunting. In this article, we will break down the intricacies of how trusts are taxed, helping you gain a better understanding of […]
Child Care Tax Breaks You Should Know
Raising a child comes with its fair share of expenses. Fortunately, the federal government recognizes the financial strain that parenting can put on families. With that, they offer child care tax breaks to help ease the burden. In this article, we will explore what child care tax breaks are, how they work, and how you […]
ERC Scams Are on the Rise – Don’t Fall Victim
The IRS issued warnings to businesses of a rise in Employee Retention Credit scams. Optima CEO David King and Lead Tax Attorney Philip Hwang provide helpful guidance on how to recognize the warning signs of an ERC scam and what to do if you’ve already fallen victim to one. If You Need Tax Help, Contact […]