Dealing with taxes as a gig worker can feel overwhelming, especially if you’re new to delivery driving with platforms like DoorDash or Uber Eats. As an independent contractor, it’s crucial to understand your tax obligations to avoid costly surprises. This guide will break down essential tax tips for DoorDash and Uber Eats drivers to help […]
Do Scholarships and Grants Affect My Taxes?
Scholarships and grants can significantly reduce the cost of higher education, making it easier for students to pursue their academic goals without accumulating substantial debt. While receiving financial aid is generally beneficial, many students and parents are unsure whether these funds are subject to taxes. The answer depends on how the money is used and […]
What is the Earned Income Tax Credit?
The Earned Income Tax Credit (EITC) is a significant tax benefit designed to support low to moderate-income working individuals and families. Enacted in 1975, the EITC aims to reduce poverty by supplementing the earnings of those in lower-income brackets, encouraging work, and lessening the tax burden on eligible taxpayers. Here’s a closer look at what […]
Optima Newsletter – February 2025
Can the IRS Suspend Your Licenses? From wage garnishments to levies on property, the IRS has a variety of tools to collect unpaid taxes. But can the IRS suspend your professional, business, or driver’s licenses? This article explores the extent of the IRS’s authority, its collaboration with other agencies, and the steps you can take […]
What is a Section 179 Deduction?
When it comes to running a business, one of the key goals is to minimize expenses and maximize profits. One often overlooked avenue for achieving this is by taking advantage of tax deductions. Section 179 of the Internal Revenue Code offers a powerful tool for business owners to significantly reduce their tax liability while investing […]