In a move signaling a significant shift in fiscal policy, 14 states across the United States implemented cuts to individual income taxes in 2024. This development comes as states reassess their tax structures amid changing economic landscapes and evolving political priorities. Here’s a breakdown of the 14 states that cut their income tax rates in 2024. […]
Article from March 2024
Optima Newsletter – March 2024
Hoping for the Child Tax Credit? Don’t Wait to File The U.S. House of Representatives has approved a bill that has the potential to grant families significant tax benefits. The aim is to strengthen tax breaks, offering substantial financial support to American households and leading to significant savings. Among the many items addressed in the […]
Net Investment Income Explained
Net Investment Income (NII) is a crucial concept in finance, particularly for investors, financial planners, and those subject to taxation. It encompasses various forms of income derived from investment assets, such as interest, dividends, capital gains, rental income, and more. Understanding NII is essential for optimizing investment strategies, tax planning, and financial decision-making. This article […]
Which Tax Professionals are Qualified to Work with the IRS on My Behalf?
When facing the difficult task of dealing with the IRS, individuals and businesses often seek assistance from tax professionals. These tax pros can help navigate the complexities of tax laws and regulations. However, not everyone is qualified to represent taxpayers before the IRS. So, which tax professionals are qualified to work the IRS on your […]
How Unemployment Affects Your Taxes
If you spent time unemployed last year, you might be wondering how that’ll affect your tax return this year, especially if it was your first time ever being without work. When it comes to unemployment and taxes, you might have some questions. Here’s a breakdown of how unemployment affects your taxes. Is Unemployment Taxable? Perhaps […]