It’s easy to make mistakes when filing taxes, especially when it comes to deductions. You might accidentally overstate your tax deductions, either due to a misunderstanding of tax laws, incorrect records, or an inadvertent miscalculation. The IRS takes incorrect tax returns seriously, so it’s essential to understand what happens when you overstate your deductions and […]
Article from November 2024
Optima Newsletter – November 2024
Can I Claim My Parent as a Dependent? Caring for an elderly parent can be a financial toll, especially when you also have children to care for. Claiming a parent as a dependent can provide significant financial benefits, but there are specific IRS rules and requirements that must be met to qualify. If you’re supporting […]
Ask Phil: Should I Itemize or Take the Standard Deduction?
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses a hot topic: itemized deductions vs. standard deduction. Which is better for you? Deciding whether to itemize deductions or take the standard deduction depends on your specific financial situation. For the 2024 tax year, the standard deduction amounts are: You may benefit from itemizing if your […]