As a parent, you may be looking for opportunities to teach your children valuable life lessons, including those related to money and work ethic. One unique way to do this is by hiring your kids for work within your family business or household. Not only can this provide your children with valuable skills and experience, […]
Truck Drivers: Over-the-Road Tax Deductions
Life on the road isn’t just demanding. It can be expensive. Between fuel, meals, lodging, maintenance, and regulatory fees, truck drivers often face significant business costs just to keep moving. The good news is that many of these expenses can be deducted from your taxable income, reducing the amount you owe the IRS. This guide […]
Can You Reapply for an Offer in Compromise After It’s Denied?
If your Offer in Compromise (OIC) was denied, you might feel like the IRS just closed the door on your best shot at resolving your tax debt for less than you owe. But here’s the good news: a denial doesn’t always mean it’s over. You can reapply for an OIC, and in some cases, you […]
Optima Newsletter – August 2025
What You Need to Know About IRS Bank Levies When dealing with unpaid taxes, one of the most significant and immediate consequences can be an IRS bank levy. This powerful enforcement action allows the IRS to legally seize funds directly from your bank account to satisfy outstanding tax debts. Understanding how an IRS bank levy […]
Tax Breaks for Homeowners: Mortgage Interest, Property Taxes, and More
Owning a home offers significant opportunities to save money at tax time. The tax breaks for homeowners can include both deductions, which reduce your taxable income, and credits, which reduce your tax bill dollar?for?dollar. Understanding which ones apply to you could mean hundreds or even thousands of dollars in savings each year. In this guide, […]
Are Property Taxes Deductible?
Property taxes are a significant aspect of homeownership and real estate investment. They are levied by local governments and are a critical source of funding for public services such as schools, roads, and emergency services. Property taxes are paid on property owned, either by an individual or a legal entity. How much property tax you are […]
When to File Separately if You’re Married
Filing taxes as a married couple is a significant financial decision. While the default option for most couples is to file jointly, there are certain situations where filing separately can be beneficial. In this article, we will explore when it makes sense for married couples to consider filing separately and the potential advantages of doing […]
What to Know About Schedule H: Household Employment Taxes
Hiring someone to help around the house, like a nanny, housekeeper, or caregiver, comes with more responsibility than just agreeing on an hourly wage. If you pay a household employee over a certain amount, the IRS expects you to handle payroll taxes like an actual employer. That’s where Schedule H comes in. In this guide, […]
Do College Students Need to File Taxes?
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 […]
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 […]