Like any other business, farmers need to manage their finances effectively. They also need to be aware of the tax implications of their operations. Whether you’re a small-scale family farm or a large agricultural enterprise, understanding the tax system can help you save money and ensure compliance with the law. In this article, we’ll explore […]
Ask Phil: State Taxes vs. Federal Taxes
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses state taxes and collections, including how they differ from federal taxes and collections.
State tax collections and federal tax collections are two distinct systems of revenue collection within the United States. Here are some key differences between them.
Airbnb and Taxes: What You Need to Know
In recent years, sites like Airbnb, HomeAway and Vrbo have emerged as popular platforms for homeowners and renters to share their spaces with travelers, offering an alternative to traditional lodging options. While hosting on Airbnb can be a profitable venture, it also comes with important tax implications that hosts should be aware of. In this […]
How to File Taxes for a Deceased Person
Most do not realize that after a loved one passes away, it’s typically the responsibility of the surviving spouse or representative to file a final tax return on their behalf. Filing taxes for a deceased person can be a complex and emotionally challenging task. However, it is essential to ensure that the decedent’s financial matters are […]
How to Avoid an IRS Audit
While there is no guaranteed method of avoiding tax audits, there are things that could help trigger them. Since the Senate approved nearly $80 billion in IRS funding through the Inflation Reduction Act of 2022, with $45.6 billion specifically for enforcement, the IRS has promised an increase in tax audits. Below are some things that the IRS has historically viewed as “red flags,” which could increase the chances of an audit for […]