Educators play a crucial role in shaping the future by imparting knowledge and skills to the next generation. While their dedication to teaching is commendable, it’s essential for educators to be aware of various tax benefits and deductions available to them. These can help them reduce their tax liability and potentially increase their refunds. In […]
Ask Phil: Should I Have an IRS Online Account?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS online accounts, including why it’s beneficial for taxpayers to have them. Having an IRS online account can offer several benefits to individuals and businesses. Here are some of the advantages of creating and using an IRS online account: Creating an IRS online account can […]
Can I Deduct My Pet’s Expenses on My Taxes?
For many people, pets are an integral part of their lives, providing companionship, comfort, and joy. However, being a responsible pet owner can come with a substantial financial commitment. As tax season approaches, you may be wondering if there’s any way to offset some of those expenses by deducting them on your tax return. While […]
Tax Tips for Seasonal Employees
Seasonal employment can provide a great way to earn extra income during busy periods, such as the holiday season, summer, or specific events. However, seasonal employees often face unique tax considerations that differ from those of full-time, year-round workers. To make the most of your seasonal job while staying on the right side of the […]
How Financial Aid Affects Your Taxes
Receiving financial aid can be a crucial lifeline for students pursuing higher education. It helps alleviate the burden of tuition and related expenses. However, many recipients of financial aid may not realize that it can have significant implications for their tax returns. Understanding how financial aid affects your taxes is essential for staying compliant with […]
Tax Tips for Farmers
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 […]