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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 […]

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 […]

Tax Guide for Independent Contractors

Working as an independent contractor offers flexibility and autonomy, but it also means taking full responsibility for your taxes. Unlike employees, contractors don’t have income or payroll taxes withheld. This guide aims to explain why that matters and how to stay compliant. Understanding Your Tax Status  As an independent contractor, you are considered self-employed. This […]

What Assets Can the IRS Seize?

It can be difficult and frustrating to deal with tax debt. You might be concerned about whether the IRS has the right to seize your assets if you owe taxes to them and haven’t taken steps to address the debt. Understanding which assets the IRS can seize is crucial for taxpayers, particularly those facing financial […]

Taxes on Social Security Benefits

Social Security benefits are a crucial financial lifeline for many retirees. Many taxpayers are often shocked to learn that their Social Security benefits can be taxed by the federal government. Taxes on Social Security benefits are dependent on a variety of factors, making it essential for retirees to understand the rules and implications of Social […]