Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses maximizing tax deductions. Everyone wants a big refund. So, how do we know we’re maximizing our deductions to accomplish this? It depends on whether you choose to take the standard deduction or itemize your deductions. Most taxpayers find it more financially rewarding to take the […]
Ask Phil: What are Private Collection Agencies?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses private collection agencies, otherwise known as PCAs. Unbeknownst to some taxpayers, the IRS doesn’t always collect taxes on their own. Sometimes they hire private collection agencies (PCAs). The IRS contracts these agencies to collect overdue tax debt from individuals and businesses. That said, if a […]
2023 State Income Tax Rates and Brackets
We often discuss federal taxes here, from tax filings to deductions and credits. However, it’s important to note that federal taxes are typically only one half of a taxpayer’s responsibility. In addition to filing and paying federal taxes each year, taxpayers must also stay on top of their state tax responsibilities if they have any. […]
$1.5 Billion in Tax Refunds are Unclaimed. Do You Qualify?
The IRS has $1.5 billion in unclaimed tax refunds for tax year 2019 and the deadline to file is approaching quickly. Optima CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on how to find out if you’re eligible for a tax refund and how to claim it before time runs out. […]
Can I Get Disability If I Owe Back Taxes?
Life can be challenging when facing both financial difficulties and health issues. Many taxpayers ask themselves, “Can I get disability if I owe back taxes?” For individuals experiencing a debilitating condition while also owing back taxes, the situation can seem overwhelming. However, it’s essential to know that there are options available to help ease the […]