As we usher in the new year, it’s that time again when individuals and businesses eagerly await the release of the IRS tax brackets and standard deductions for the upcoming tax year. These figures play a pivotal role in determining the amount of tax liability for taxpayers across the nation. Let’s take a closer look […]
Tax Tips for Veterans
As veterans transition to civilian life, understanding the intricacies of the tax system becomes crucial for managing finances and maximizing returns. Fortunately, there are specific tax tips tailored to the unique circumstances of veterans that can help them make the most of available benefits and credits. In this article, we will explore key tax tips […]
Ask Phil: What are Gift Taxes?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses gift taxes, including how they work and who is responsible for paying them. The government imposes gift taxes on the transfer of property, money, or assets from one person to another without receiving something of equal value in return. These taxes are typically levied to […]
I Received an IRS Notice: Now What?
Receiving an IRS notice in the mail can be scary, but the situation can be less daunting if you know what to do. First, it’s important to note that not all IRS notices are negative as some are only informational. In any case, taxpayers should know what steps to take upon receiving an IRS notice. […]
Depreciation Schedules for Business Assets
Depreciation is a common accounting method used by businesses to allocate the cost of their assets over time. To effectively manage their finances and make informed decisions, businesses employ depreciation schedules. In this article, we will explore what depreciation schedules are, why they are essential for businesses, and how to create and utilize them effectively. […]