Whether you’re just starting college or returning after years in the workforce, filing taxes can be a new challenge. But one big “first” often catches students by surprise: filing taxes. Do college students need to file taxes? The answer depends on several important factors, including income, dependency status, and eligibility for tax credits. This guide […]
Article from July 2025
Do Back Taxes Affect Credit Scores?
When managing personal finances, understanding the impact of back taxes on your credit score is crucial. Many people may wonder whether owing money to the IRS or a state tax agency could damage their credit. After all, credit scores play a pivotal role in securing loans, renting an apartment, buying a home, or even landing […]
Big Beautiful Bill: Overtime, Tips, and Social Security Tax Changes | Optima Tax Relief
Trump’s Big Beautiful Bill is now signed into law, bringing major changes to taxes on overtime, tips, Social Security, and more. CEO David King and Chief Tax Officer and Lead Attorney Philip Hwang explain what’s changing, when it kicks in, and what it means if you owe the IRS. If You Need Tax Help, Contact […]
What is Schedule R, Tax Credit for Elderly or Disabled?
Tax season can be a daunting time for many, with the intricacies of various forms and schedules often causing confusion. Among these, Schedule R is a form that remains relatively unknown to many taxpayers. However, for those who qualify, Schedule R can be a valuable resource. It allows eligible individuals to claim the Credit for […]
Ask Phil: Big Beautiful Bill Summary
Today, Optima Tax Relief’s Chief Tax Officer and Lead Tax Attorney, Phil, breaks down three of the most talked-about tax changes in the Big Beautiful Bill and what they could mean for your wallet. There’s been a lot of buzz around the new tax bill, especially for middle- and low-income taxpayers. While the bill includes […]