Real Estate Investments & Tax Implications Real estate investments can be very complex, especially when it comes to tax reporting. However, there are general tax implications for common scenarios. Here, we will discuss some of these benefits: Read More What is Payroll Tax? Who is responsible for payroll taxes? CEO David King and Lead Tax […]
How Will the Inflation Reduction Act Affect Your Taxes?
Optima CEO David King and Lead Tax Attorney Philip Hwang explain how the Inflation Reduction Act can directly affect taxpayers and how to get compliant with the IRS.
How to Avoid a Tax Audit
While there is no guaranteed method of avoiding audits, there are things to steer clear of that could trigger an IRS audit. The Senate recently approved nearly $80 billion in IRS funding, with $45.6 billion for enforcement, which could lead to more audits. Here are some things that the IRS has historically viewed as “red […]
Real Estate Investments & Tax Implications
Real estate investments and tax implications can be very complex. However, there are general tax implications for common scenarios. Here, we will discuss some of these benefits. Real Estate Tax Write-Offs The most obvious tax implication for real estate investments are the write-offs that can help reduce rental income. Typically, you can deduct any expense […]
What is IRS Penalty Relief and How Can I Qualify for it?
Optima CEO David King and Lead Tax Attorney Philip Hwang provide insight on what penalty relief is and how individuals can qualify for it.
Biden Announces Student Loan Forgiveness Plan
President Biden has announced his three-part student loan forgiveness plan that aims to provide relief to student loan borrowers, especially those belonging to low– and mid-income levels. Part I: Student Loan Forgiveness for Eligible Borrowers Borrowers with individual incomes less than $125,000, or $250,000 for married couples, are eligible for student loan forgiveness up to […]
Inflation Reduction Act Part IV: More Audits, More Tax Collection
We know that an increased budget for enforcement will lead to more audits. More audits mean more tax collection. The question that remains to be answered is exactly how much federal tax revenue the IRS expects to collect with the new Inflation Reduction Act. How much taxes will be collected with the Inflation Reduction Act? […]
Optima Newsletter – August 2022
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 […]
Inflation Reduction Act Part III: More Auditors, More Audits
More than half of the $80 billion Inflation Reduction Act will be spent on IRS enforcement. This specifically means collecting back taxes, conducting criminal investigations, monitoring digital assets, obtaining legal support and hiring thousands of new IRS auditors. How many auditors will the IRS hire? The IRS is looking to hire nearly 87,000 employees over the […]
What is Payroll Tax?
CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on what payroll tax is and how it can affect you.