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Optima Newsletter – January 2023

Tax Tips for 2023

The 2023 tax filing season will be different than the past few years and getting prepared early can help make the process much easier. Some of the changes expected in 2023 could affect tax bills, which in turn could affect tax refunds. Here are some tax tips for 2023.  

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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.

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IRS Interest Rate Increases For Q1 of 2023

While the Fed continues to increase interest rates, other entities are adjusting their own rates accordingly, the IRS included. In fact, the first quarter of 2023 has already seen a rise in IRS interest rates that took effect January 1, 2023. Here’s what it means for taxpayers. 

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Common IRS Penalties & How to Avoid Them

Owing the IRS doesn’t just stop with your tax balance. If your tax obligations are not met, you could face penalties that can make your debt even more unmanageable. Here are some of the most common IRS penalties and how to avoid (or reduce) them.

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Optima Newsletter – December 2022

Optima newsletter
Tax Forms for Self-Employed Individuals

Filing taxes when you are self-employed can be very complex. One of the ways you can better prepare yourself for the filing season is to ensure you have all the correct and relevant tax forms.

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An Update on Fed Rate Hikes

American households have been feeling the full effects of inflation all year with Fed rates at their highest since early 2008. Here’s the latest update on Fed rate hikes.

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Taxes on Social Security Benefits

Many taxpayers are often shocked to learn that their Social Security benefits can be taxed. Here’s a brief overview of how Social Security income is taxed, both at the federal and state level. 

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Optima Newsletter – November 2022

Optima Newsletter
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. 

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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 the future.

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Vehicles for Business Use

You can deduct vehicle expenses if you use your car for business purposes. You can even deduct the vehicle’s entire cost of ownership and operation, with some limitations, if it’s only used for business purposes. Tax implications can vary on this topic, so it’s important to understand the deduction rules when it comes to vehicles for business use. 

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How Home Equity Loans Affect Taxes

Sometimes the idea of taking out a second mortgage can be a viable solution to eliminating debt, funding home renovations, or paying off unexpected medical bills. Before taking out a home equity loan, you should know the tax implications that come with it. 

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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. 

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How Will the Inflation Reduction Act Affect Your Taxes?

With the recent passing of The Inflation Reduction Act, individuals who have unfiled tax years or unpaid tax debt may now expect an increase in IRS collection enforcement. 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.

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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 time.

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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 four things that the IRS has historically viewed as “red flags,” which could increase the chances of an audit for taxpayers. 

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Optima Newsletter – September 2022

Optima Newsletter - September

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:

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What is Payroll Tax?

Who is responsible for payroll taxes? CEO David King and Lead Tax Attorney Philip Hwang discuss everything you need to know regarding payroll taxes, including tips on what to do if you find yourself in trouble with the IRS.

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Is My Side Business a Hobby or a Small Business?

The desire or need for extra income has become increasingly prevalent. Side gigs have been a popular method of supplementing earnings but with this comes more reporting during tax time. When is a side business treated as a business in the tax world, and when is it treated as a hobby?

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Converting Your Home to a Rental Property

Real estate has long been considered one of the greatest long-term investments. Further, with the trend of minimalist living, many are turning their primary residences into rental properties. While turning your home to a rental property comes with passive income and tax benefits, it’s important to note the tax implications as well.

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Optima Newsletter – August: What is the Inflation Reduction Act?

news letter

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.

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How Filing an Extension Affects Your Taxes

With a massive increase in taxpayers filing for an extension, what does this mean for people who owe? How does the extension deadline work? Hosts CEO David King and Lead Tax Attorney Philip Hwang discuss these details and more in this week’s episode.

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Tax Rules for an Airbnb or Vacation Rental

Renting out your property as an Airbnb can be a good way to secure residual income. While Airbnb may send you a tax form at the end of the year, it’s important to understand your tax responsibilities to check for errors and in the event you aren’t issued a form.

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Filing Taxes as Head of Household

Do you provide over half the cost of living for your household? You may want to consider filing your taxes as head of household, which could qualify you for a higher standard deduction. Head-of-household filing status also provides lower tax rates than filing as single or married and filing separately.

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