In the world of taxation, income is broadly categorized into two main types: earned and unearned income. Earned income is derived from active participation in a trade or business. Conversely, unearned income encompasses various sources that don’t require direct effort or labor. This article explores the concept of unearned income, its sources, and how it […]
Where’s My Tax Refund?
Now that the April tax deadline has passed, you might be wondering, “Where’s my tax refund?” Optima CEO David King and Lead Tax Attorney Philip Hwang explain how you can track your refund, how long you have to collect your refund and how to stay compliant with the IRS. If You Need Tax Help, Contact […]
Ask Phil: What’s on Phil’s Tax Radar?
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about his three takeaways from the current tax landscape. IRS Interest Rates Could Increase For much of the pandemic, we saw IRS interest rates hold steady. For example, the interest rate accumulating on unpaid taxes was 3% for half of 2020 and all of 2021. In […]
Disposable Income Explained
Disposable income serves as a key economic indicator. It reflects the financial health and spending power of individuals and households. It represents the money available after taxes, providing a glimpse into how much individuals can spend, save, or invest. However, taxes play a significant role in shaping disposable income, influencing spending patterns and economic behaviors. […]
I Filed a Tax Extension. Now What?
Filing taxes can be a stressful ordeal for many individuals, but for some, the April deadline comes too soon. If you’re one of the many Americans who filed for a tax extension, you’ve gained a little breathing room. However, it’s essential not to let that extra time slip away without acting. Here’s a guide on […]