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 […]
How to Manage Finances as a Single Individual
As the cost of living continues to rise, it is becoming increasingly difficult for single individuals to live comfortably. Without the safety net of a second income, the need to manage finances as a single individual is more important than ever. The process comes with unique benefits and challenges, both throughout the year and during tax […]
Assigned an IRS Revenue Officer? Hire a Tax Professional!
Optima CEO David King and Lead Tax Attorney Philip Hwang explain the risks taxpayers face when handling a tax liability on their own, as well as the benefits of hiring a tax professional to help you when dealing with a revenue officer.
Optima Newsletter – September 2022
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 […]