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Tax PlanningPublished on Jul 26, 2023
Whether you are a small business owner hiring independent contractors or a freelancer seeking work opportunities, the W-9 form plays a crucial role in the world of taxes. The IRS uses this form to gather essential information about independent contractors, consultants, and […]
Tax PlanningPublished on Jul 25, 2023
Dealing with debt can be a stressful and overwhelming experience. Imagine, though, finally having a weight lifted off your shoulders when a creditor cancels or forgives a portion of your outstanding debt. While the relief might be immense, it’s essential to understand […]
Ask Phil Video SeriesPublished on Jul 21, 2023
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses his 5 top tips for how to avoid an IRS audit. File Your Taxes: Some taxpayers don’t file because they think they don’t have to. The minimum requirement to file a tax […]
Optima NewsletterPublished on Jul 20, 2023
Am I Responsible for My Spouse’s Back Taxes? Marriage is viewed as a union of two individuals, joining both their lives and responsibilities. As financial obligations and responsibilities intertwine, questions arise about whether one spouse is accountable for the other’s past tax […]
Tax PlanningPublished on Jul 19, 2023
When it comes to filing taxes as a resident or non-resident alien, the first step is determining your alien status for tax purposes. If you satisfy the requirements of either the IRS green card test or the substantial presence test, you will […]
Tax PlanningPublished on Jul 18, 2023
Did you know you are required to pay taxes on your income even if you are not an American citizen? The same is true even if you spend some of your time abroad. One important thing to note, however, is the way […]
Taxes & Your SavingsPublished on Jul 17, 2023
Most taxpayers are used to seeing the term adjusted gross income, or AGI, when filing their tax returns. This is mostly due to the fact that your AGI dictates which tax credits and deductions you qualify for. While the term modified adjusted […]
Ask Phil Video SeriesPublished on Jul 14, 2023
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS notices, including when you can expect a notice to turn into enforcement and how to respond to a notice. When does the IRS Levy? Receiving an IRS notice can be very […]
Tax ReturnsPublished on Jul 13, 2023
Form 1099 is more common than ever with many taxpayers turning to side hustles for extra income. Now that we have a good understanding of what types of 1099s there are and what they are used for, we can review some of […]
Tax PlanningPublished on Jul 10, 2023
Last week we broke down deferred tax assets and how they can help reduce tax liability. Today, we’re breaking down its counterpart: deferred tax liabilities. But what exactly is a deferred tax liability, and how does it work? Here’s an overview of […]
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