If you’re struggling with IRS debt or have a federal tax lien on your record, you may be wondering how it will affect your ability to finance a vehicle. The short answer? It’s still possible to get a car loan. However, it won’t be as straightforward. Lenders take a close look at your creditworthiness, and […]
How to Track Business Expenses for Taxes: Apps, Methods, and Best Practices
Tracking business expenses for taxes is a crucial practice that every business owner must master. Proper expense tracking helps ensure you stay compliant with the IRS. It also helps you maximize deductions, reduce your tax liability, and maintain a clear financial picture of your business. Whether you’re a sole proprietor, freelancer, or small business owner, […]
Optima Newsletter – July 2025
How the IRS Calculates Interest on Tax Debt Understanding how the IRS calculates interest on tax debt can help you avoid financial surprises and make better decisions if you owe money to the government. Unlike penalties, IRS interest compounds daily and is tied to market-based rates that adjust quarterly. In this article, we’ll break down […]
Why Did I Owe Taxes This Year? Common Reasons for a Surprise Tax Bill
Owing taxes can be an unsettling surprise, especially if you expected a refund or thought your employer was withholding enough. If you found yourself asking, “Why did I owe taxes this year?” you’re not alone. Many Americans face unexpected tax bills for reasons that aren’t always obvious. Whether you changed jobs, started a side hustle, […]
Understanding IRS NFT Reporting Requirements and Compliance
NFTs (non-fungible tokens) have become a major part of the digital economy, transforming how digital ownership, art, and collectibles are bought and sold. As their popularity grows, the IRS has introduced new tax rules to ensure NFT transactions are reported and taxed properly. These IRS NFT reporting requirements impact anyone who buys, sells, or facilitates […]
Vehicles for Business Use
In the world of business, the use of vehicles is a crucial decision that directly impacts both operational efficiency and financial considerations. Whether it’s delivering products, attending client meetings, or managing on-site projects, vehicles are indispensable assets for businesses aiming for success. This article delves into the essentials of utilizing vehicles for business purposes, exploring […]
What is a Tax Lien?
A tax lien is a legal claim by a government authority, such as the IRS, against a taxpayer’s property due to unpaid tax debts. This claim acts as a security for the government, ensuring the taxpayer’s obligation is eventually fulfilled. Tax liens can significantly impact individuals and businesses, making it essential to understand their implications […]
IRS Staffing and Service Concerns
The IRS plays a critical role in maintaining the U.S. tax system, collecting trillions of dollars in revenue and enforcing tax laws. In recent years, the agency has gone through significant changes. After a period of revitalization under the Biden administration, the Trump administration is now pushing for major reforms that are reshaping how the […]
How Inherited Property is Taxed: Capital Gains & Step-Up in Basis Explained
Inheriting property can be a financial reward, but it can also come with confusing tax implications. If you’ve recently inherited a home, land, or another piece of real estate, you may be wondering: How is inherited property taxed? The good news is that while you don’t pay income tax simply for inheriting, you might face […]
Top 5 Tips to Avoid an IRS Audit in 2025
In 2025, the IRS is facing a shifting landscape. Although enforcement funding surged in 2022, recent federal budget negotiations, specifically the Department of Government Efficiency (DOGE) Act cuts, have reduced that long-term funding outlook. But don’t let that fool you into thinking audits are going away. Instead of scaling back, the IRS is getting more […]