Generally, student loan debt cancellation is considered taxable income. If you are one of the 43 million borrowers who will benefit from President Biden’s student loan forgiveness plan, you might be wondering how it will affect you. Here’s a quick overview of […]
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 an IRS interest rate increase that took effect January 1, 2023. Here’s what […]
Tax Tips for 2023
The 2023 tax filing season will be different than the past few years. That said, 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 […]
Optima Tax Relief Named an OC Top Workplace for Eighth Year
Landing at No. 4 on this year’s list, the company was one of only two companies to rank in the “Top 5” over the last five years. Optima Tax Relief, the nation’s leading tax resolution firm, has been honored as a 2022 […]
An Overview of Sin Taxes
With sports betting on the ballot this past midterm election, many wonder if sin taxes are healthy for the economy. These taxes have been levied both at the federal and state levels. Here are some examples of sin taxes and what they […]
An Update on Fed Rate Hikes
American households have been feeling the full effects of inflation all year with rates at their highest since early 2008. To support a healthy U.S. economy, the Federal Reserve, also known as the Fed, has raised its federal funds rate. Put simply, […]
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 […]
Divorce Can Impact Your Tax Liability – Who is Responsible?
Filing taxes after a divorce can be complicated, especially when sorting out the tax liability that the parties are legally responsible for. CEO David King and Lead Tax Attorney Philip Hwang discuss how married couples should file their taxes, as well as […]
How to Maximize Tax Benefits of Gifts
Whether you’re a frequent or seasonal giver, you should know how giving affects taxes. Giving can affect taxes in several ways, primarily through deductions and credits. Here are some frequently asked questions on how to maximize tax benefits of gifts. What is […]
How to Expense Business Repairs
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 […]