Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses tax scams, including how to spot them and how to avoid being conned. Tax fraud and scams are growing in popularity and have even recently taken on newer forms. Taxpayers are often conned over text, phone, email, and even regular postal mail. Some taxpayers have […]
What Are Deferred Tax Assets?
When looking into the net worth of a business or individual, one of the first couple of things we look at are assets and liabilities. Assets are resources or properties owned by an individual, organization, or entity that have value. They can be used to generate future economic benefits. Real estate, vehicles, cash, inventory, intellectual […]
How Are Gambling Winnings Taxed?
Most people dabble in gambling at some point in life. It might look like a day at the racetrack, a quick stop at the gas station for a lottery ticket, or a weekend in Las Vegas. The IRS views all these activities as gambling, among many others. More importantly, the IRS wants everyone to know […]
Ask Phil: The 411 on Levies & Garnishments
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses levies and garnishments, including which assets the IRS can seize and how the IRS can garnish your wages. A levy is a legal seizure against your assets that results from owing back taxes. In truth, the IRS can seize just about anything you own. This […]
How to Keep Good Tax Records
Tax time can be a stressful period for individuals and businesses alike. However, maintaining accurate and organized tax records throughout the year can make the process much smoother and alleviate unnecessary headaches. Whether you’re a freelancer, small business owner, or an individual taxpayer, this guide will provide you with valuable tips on how to keep […]