Becoming a parent brings joy and new responsibilities, including changes to your tax situation. Whether you recently welcomed a baby through birth or adoption, the IRS offers several credits and deductions that can lower your tax bill or increase your refund. Understanding how to claim these benefits correctly can help new parents make the most of […]
Article from November 2025
What is Schedule C?
For small business owners, figuring out taxes can often be complicated. Among the many forms and documents required by the IRS, Schedule C stands out as a vital component for sole proprietors and single-member LLCs. It’s the key to reporting income and expenses for your business, ultimately determining your taxable profit or loss. In this […]
Optima Newsletter-November
What Happens If You Ignore IRS Collection Letters? The Worst Case Scenario If you’ve ever asked yourself, “can I ignore the IRS?”, you’re not alone. Many taxpayers feel overwhelmed by notices from the IRS and hope that ignoring them will make the problem disappear. Unfortunately, the reality is far more serious. Ignoring IRS collection letters […]
GoFundMe: How are Donations Taxed?
Crowdfunding is the act of funding a project by collecting small donations from a large number of individuals, often online. GoFundMe has become a powerful platform for individuals and organizations to raise funds for various causes. These range from medical expenses and emergency relief to community projects and personal aspirations. However, many users of the […]