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 […]
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 […]
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 Part II: IRS Spending
Between the inflation, the pandemic, and the Inflation Reduction Act, now is a scary time to owe back taxes. The bill has passed, granting the IRS $80 billion dollars in funds for their activity. Consequently, we’re expecting a massive increase in the […]
Inflation Reduction Act Part I: What is it?
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. The Inflation Reduction Act is being sent to […]
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 […]
How Filing for 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 […]
Optima Newsletter – July: How the Economy Affects Your Taxes
How the Economy and Inflation Affect Your Taxes The IRS updates certain tax provisions annually to account for inflation, so your tax and investment plans should change accordingly. How to Avoid Having Your Tax Refund Garnished CEO David King and Lead Tax […]
How to Avoid Having Your Tax Refund Garnished
Worried about the IRS garnishing your refund? There are a few instances where this could happen. CEO David King and Lead Tax Attorney Phil Hwang discuss these circumstances and what you should do if you’re thinking your refund could be at risk […]
New Consequences of Payroll Tax Liability
The responsibility of payroll taxes falls on the shoulders of employers, although they come from employee paychecks. The federal government, Social Security and Medicare heavily rely on taxes from employee wages. IRS revenue officers are now tracking how unpaid payroll taxes were […]