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 […] The post What is Unearned Income? appeared first on Optima Tax Relief ..read more

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 […] The post Where’s My Tax Refund? appeared first on Optima Tax Relief ..read more

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 […] The post Do You Pay Taxes on Lawsuit Settlements? appeared first on Optima Tax Relief ..read more

In an era where remote work is becoming increasingly prevalent, individuals are enjoying the freedom and flexibility that come with working from the comfort of their own homes. However, along with this newfound flexibility comes the responsibility of managing your finances efficiently, especially when it comes to taxes. Remote workers face unique tax considerations that […] The post Tax Tips for Remote Workers  appeared first on Optima Tax Relief ..read more

Disposable income serves as a key economic indicator. It reflects the financial health and spending power of individuals and households. It represents the money available after taxes, providing a glimpse into how much individuals can spend, save, or invest. However, taxes play a significant role in shaping disposable income, influencing spending patterns and economic behaviors. […] The post Disposable Income Explained appeared first on Optima Tax Relief ..read more

Filing taxes can be a stressful ordeal for many individuals, but for some, the April deadline comes too soon. If you’re one of the many Americans who filed for a tax extension, you’ve gained a little breathing room. However, it’s essential not to let that extra time slip away without acting. Here’s a guide on […] The post I Filed a Tax Extension. Now What? appeared first on Optima Tax Relief ..read more

Today, Phil discusses what options you have if you cannot afford to do your taxes.  If you can’t afford to do your taxes, you can check to see if you’re eligible for free tax preparation. You can check out these two sites for more information.  IRS Free File  If you would like to file your […] The post Ask Phil: What If I Can’t Afford to Do My Taxes?  appeared first on Optima Tax Relief ..read more

Every year, millions of individuals and businesses face the intimidating task of paying their taxes. However, there are instances where meeting this financial obligation becomes challenging or even impossible. There are times when you might’ve asked yourself, “What if I can’t pay my taxes?” Whether due to unexpected expenses, changes in income, or other unforeseen […] The post What If I Can’t Pay My Taxes? appeared first on Optima Tax Relief ..read more

Today, Phil gives his top tips on how to avoid IRS levies and liens.   Tip #1: Don’t Owe the IRS  Avoiding owing the IRS begins with responsible financial management and proactive tax planning. First, maintain accurate records of all income and expenses throughout the year, ensuring you’re well-informed about your financial standing. Next, regularly review […] The post Ask Phil: Tips To Avoid Levies & Liens  appeared first on Optima Tax Relief ..read more

Amid growing concerns over climate change, the promotion of sustainable energy practices has become paramount. Governments worldwide are increasingly turning to policy measures to incentivize individuals and businesses to adopt renewable energy sources and reduce their carbon footprint. Among these measures, energy tax credits have emerged as a powerful tool to encourage investment in clean […] The post Can I Claim an Energy Tax Credit?  appeared first on Optima Tax Relief ..read more