With the pandemic still ongoing and many Americans out of a job, the distribution of two stimulus checks has helped many individuals pay their bills. Now that it is tax filing time, tax filers should have received Notice 1444 in the mail from the IRS. This notice will be required when filing your taxes in […]
IRS Notices Explained
Receiving a notice from the IRS can be stressful and terrifying, especially if you don’t know what it means. Join Optima CEO David King and Lead Tax Attorney Philip Hwang as they dive into various IRS tax notices that a typical taxpayer could receive and show you how to look out for some common tax […]
Optima Newsletter – February 2021
Taxpayers can expect to receive a third stimulus check in addition to aid for individuals who are unemployed and facing eviction from their homes. The new Economic Rescue Package would also provide assistance to small businesses, states and local governments and will increase funding for vaccinations and testing. Read more First-Time Homebuyers may receive up […]
Haven’t received the latest stimulus check? Your questions answered.
Many taxpayers have questions surrounding their Economic Impact Payments (EIP). What to do if they haven’t received their latest stimulus check? Do they qualify to receive the full amount? How can they check the status of their payment? Optima CEO David King and Lead Tax Attorney Phillip Hwang provide answers to some of the most […]
Optima Newsletter – January 2021
The IRS and the Treasury Department have already begun to distribute a second round of stimulus checks to individuals. For those who opted for direct deposit, they can expect to receive their money very soon if they haven’t already. Taxpayers who are receiving their economic impact payment in check form, can expect to receive it […]
How to Claim a Domestic Partner as a Dependent
Every tax year, a large number of people are claimed as dependents on tax returns. Under certain circumstances, a dependent can be claimed if they are not related to you. Once someone is identified as a dependent and placed on your tax return, you’re essentially informing the IRS that you’re financially responsible for that person. […]
Optima Newsletter – December 2020
The CARES Act has allowed millions of student loan borrowers to pause their student loans until January 31st. For the time being, loan payments, interest and collections on defaulted federal loans have been put on hold in order to provide financial relief for those who were financially affected by COVID-19. Read more here McConnell Announces […]
Reducing Taxes on Your Holiday Bonus
As the spirit of generosity is in the air, companies and employees need to know that holiday bonuses are considered supplemental wages and subject to taxes. Holiday bonuses are viewed by the IRS as compensation, just like paychecks, so taxes need to be withheld from your holiday bonus. How Much are Holiday Bonuses Taxed? Some […]
Are Political Contributions Tax Deductible?
Many Americans show their support for their preferred political candidate by voting for or donating to the candidate’s political party. If you’re wondering if your financial contribution to a political campaign affects your taxes in any way, you’re not alone. Here’s everything you need to know about tax deductible contributions for political campaigns. Are Political […]
Optima Newsletter – November 2020
The ongoing pandemic has caused many Americans to suffer financially due to a loss of jobs and businesses shutting down. Proposals for another coronavirus relief package are currently ongoing and should include another stimulus check distributed out to taxpayers as well as providing assistance to businesses that are finding it difficult to stay open. Read […]