Every year like clockwork you conscientiously pay your state income taxes, but this year you spaced and missed the deadline. Don’t panic. Filing taxes can be a stressful task, and it’s not uncommon for people to forget deadlines or overlook certain tax obligations. If you find yourself in the situation where you forgot to file […]
What is Unearned Income?
In the world of taxation, income is broadly categorized into two main types: earned and unearned income. Earned income is derived from active participation in a trade or business. Conversely, unearned income encompasses various sources that don’t require direct effort or labor. This article explores the concept of unearned income, its sources, and how it […]
Where’s My Tax Refund?
Now that the April tax deadline has passed, you might be wondering, “Where’s my tax refund?” Optima CEO David King and Lead Tax Attorney Philip Hwang explain how you can track your refund, how long you have to collect your refund and how to stay compliant with the IRS. If You Need Tax Help, Contact […]
Do You Pay Taxes on Lawsuit Settlements?
When individuals or businesses are involved in legal disputes that result in settlements or judgments in their favor, one common question arises. Do you pay taxes on lawsuit settlements? The answer to this question can vary depending on the nature of the lawsuit, the type of damages awarded, and specific circumstances surrounding the case. Let’s […]
Ask Phil: What’s on Phil’s Tax Radar?
Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about his three takeaways from the current tax landscape. IRS Interest Rates Could Increase For much of the pandemic, we saw IRS interest rates hold steady. For example, the interest rate accumulating on unpaid taxes was 3% for half of 2020 and all of 2021. In […]