With sports betting on the ballot this past midterm election, many wonder if sin taxes are healthy for the economy. These taxes have been levied both at the federal and state levels. Here are some examples of sin taxes and what they mean for the economy. What is a sin tax? A sin tax is […]
Optima Newsletter – November 2022
Expenses You Didn’t Know Were Tax Deductible Tax deductions can help lower your tax bill and even increase your tax refund on your return. Here are seven tax deductions you might not know are deductible. Read More How to Avoid Tax Scams and SMishing The IRS recently announced that there has been an increase in […]
An Update on Fed Rate Hikes
American households have been feeling the full effects of inflation all year with rates at their highest since early 2008. To support a healthy U.S. economy, the Federal Reserve, also known as the Fed, has raised its federal funds rate. Put simply, the federal funds rate is a suggested interest rate for banks to use […]
Which Income Types Are Taxable?
Generally speaking, most income sources are taxable. However, there are some income types that are exempt from taxes. CEO David King and Lead Tax Attorney Philip Hwang discuss different kinds of income that may or may not get taxed and provide insight on how you can find out if your income is taxable or not. […]
Divorce Can Impact Your Tax Liability – Who is Responsible?
Filing taxes after a divorce can be complicated, especially when sorting out the tax liability that the parties are legally responsible for. CEO David King and Lead Tax Attorney Philip Hwang discuss how married couples should file their taxes, as well as how they can end up with a tax balance after a divorce – […]
How to Maximize Tax Benefits of Gifts
Whether you’re a frequent or seasonal giver, you should know how giving affects taxes. Giving can affect taxes in several ways, primarily through deductions and credits. Here are some frequently asked questions on how to maximize tax benefits of gifts. What is a tax-deductible donation? The IRS considers a tax-deductible donation to be any contribution […]
How to Expense Business Repairs
Certain business owners, including sole proprietors, businesses and rental property owners, can deduct expenses related to maintenance and repairs. The deductions must apply to their property and equipment or vehicles. However, once the repair becomes classified as a betterment, restoration, or adaptation to the property or asset, other rules will apply. Here’s a quick overview of […]
How to Avoid Tax Scams and SMishing
The IRS recently announced that there has been an increase in tax-related scams where taxpayers personal financial information could be at risk of being exposed or stolen. CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on what tax scams to be on the lookout for and how to avoid them in […]
Optima Newsletter – October 2022
How Inflation Will Affect Your Taxes in 2023 Every year, the IRS makes inflation adjustments. With consistently high inflation in 2022, some experts are predicting larger adjustments than normal that can affect tax brackets in 2023. Read More How Will the Inflation Reduction Act Affect Your Taxes? With the recent passing of The Inflation Reduction […]
How Inflation Will Affect Your Taxes in 2023
Every year, the IRS makes inflation adjustments. With consistently high inflation in 2022, some experts are predicting larger adjustments than normal that can affect tax brackets in 2023. What is Inflation? Put simply, inflation is the overall increase in prices of goods and services over a given period of time. Inflation is the reason a […]