Tips, gratuities, or service charges – these additional payments to service workers are a common part of our daily lives. Whether you’re leaving a tip for your waiter, bartender, taxi driver, or hairdresser, it’s essential to know how these earnings should be handled from a tax perspective. The short answer is yes, you generally do […]
Ask Phil: When is the 2023 Tax Extension Deadline?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses the October tax extension deadline. The tax extension deadline this year is October 16, 2023. Remember, an extension to file your taxes is not an extension to pay your taxes. But what if you’re still unable to pay your tax bill? One option is to […]
Do I Need Health Insurance to File Taxes?
Filing taxes can be a complex and daunting task, with various rules and regulations to consider. One common question that often arises is whether you need health insurance to file taxes. The answer to this question is intricately tied to the Affordable Care Act (ACA) and its provisions. In this article, we’ll explore the relationship […]
Tax Tips for Social Media Influencers
Social media influencers have become a prominent and lucrative part of the digital landscape. With millions of followers and lucrative brand partnerships, many influencers are turning their passion for content creation into a full-time career. However, with great success comes greater financial responsibility, including managing taxes. In this article, we’ll provide valuable tax tips for […]
What is the Presidential Election Campaign Fund?
Every year when you file your taxes, you are asked a question about whether you want to donate $3 to the Presidential Election Campaign. The Presidential Election Campaign Fund (PECF) is a system of public funding for presidential campaigns in the United States. It was established as a result of the Federal Election Campaign Act […]
Are Military Benefits Taxable?
Military service members receive various benefits and compensation packages from the government to support them and their families. That said, one common question that often arises is whether these military benefits are taxable. The answer isn’t always straightforward, as it depends on the specific benefit and various other factors. In this article, we will explore […]
Ask Phil: Marriage & Taxes: Am I Liable?
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses marriage and taxes, including filing status options. Married couples have two different options for filing their taxes: married filing jointly and married filing separately. If you choose to file jointly with your spouse, you will both be jointly and severally liable for the full tax […]
How to Choose a Tax Professional
Tax season can be a stressful time for many individuals and businesses. Navigating the complex world of tax regulations, deductions, and credits can be overwhelming, and the consequences of making mistakes can be costly. That’s why many people turn to tax professionals for assistance. Choosing the right tax professional is crucial to ensure your financial […]
How to Secure Your Financial and Tax Documents
Tax and financial documents are some of the most sensitive and valuable records you possess. They contain critical information about your income, assets, and financial history, making them prime targets for identity thieves and fraudsters. Protecting these documents is not only essential for your financial well-being but also for safeguarding your personal information. In this […]
What You Need to Know About Hiring Your Kids for Work
As a parent, you may be looking for opportunities to teach your children valuable life lessons, including those related to money and work ethic. One unique way to do this is by hiring your kids for work within your family business or household. Not only can this provide your children with valuable skills and experience, […]