Running a seasonal business presents unique challenges and opportunities when it comes to taxes. Unlike year-round businesses, seasonal operations may generate the majority of their income in just a few months. However, this doesn’t stop them from still facing tax obligations throughout the year. Whether you’re operating a snow removal service in winter, a landscaping […]
Article from May 2025
Tax Differences Between Short-Term and Long-Term Rentals
The taxation of long-term and short-term rentals can differ significantly. These differences are primarily driven by the distinct nature of these rental arrangements and the objectives of tax authorities. Here’s an overview of the key differences in how long-term and short-term rentals are taxed. The 14-Day Rule Under the 14-day rule, if you rent […]
My IRS Levy is Causing a Hardship. Now What?
Dealing with an IRS levy can be incredibly stressful, especially when it creates a significant financial hardship. A levy allows the IRS to legally seize your assets, such as bank accounts, wages, and other property, to satisfy a tax debt. If this action is making it difficult to cover basic living expenses, it’s essential to […]
Optima Newsletter – May 2025
Moving to a No Income-Tax State? Watch Out for These Hidden Tax Costs The promise of a state with no income tax can be incredibly appealing—especially for individuals coming from high-tax states like California, New York, or New Jersey. However, there may be hidden tax costs you need to understand before moving to a no-income-tax […]