What is the Inflation Reduction Act? From a pandemic to inflation, American taxpayers haven’t been able to catch a break since 2020. To combat the current state of the economy, Senate has passed a new bill with a ten-year plan called the Inflation Reduction Act. Read More How Filing an Extension Affects Your Taxes With […]
Optima Newsletter – July: How the Economy Affects Your Taxes
How the Economy and Inflation Affect Your Taxes The IRS updates certain tax provisions annually to account for inflation, so your tax and investment plans should change accordingly. How to Avoid Having Your Tax Refund Garnished CEO David King and Lead Tax Attorney Phil Hwang discuss these circumstances and what you should do if you’re […]
Optima Newsletter – June 2022
Can the IRS Automatically Complete Tax Returns? A new study shows that the IRS may be able to complete nearly half of the nation’s tax returns automatically. The study proves that over 60 million pre-populated tax returns can be correctly auto filled with information that the IRS previously collected. What if I Can’t Pay My […]
Optima Newsletter – May 2022
IRS Unclaimed Tax Refunds The IRS announced that it has $1.5 billion in tax refunds from 2018 and gave taxpayers until the end of the season to claim their money. If you missed out on claiming your refund, there are steps you can take to make sure you claim other refunds from 2019 and […]
Optima Newsletter – April 2022
IRS Sends Large Tax Bills for 2021 Unemployment Benefits While some were able to return to work in 2021, approximately 25 million people received unemployment benefits and didn’t withhold taxes. The IRS is now looking to collect back taxes for the $325 billion in total benefits and mailed millions of large tax bills this season. […]
Optima Newsletter – March 2022
Can You Use Cryptocurrency to Pay Taxes?While cryptocurrency has left many people skeptical of its value, the American government is validating its use with some surprising changes in taxes. In the last few years, states have been racing to make cryptocurrency mainstream, in hopes that one day Americans can use it to pay their taxes. Can the […]