Military service comes with many sacrifices; and thankfully, the IRS recognizes that with special tax benefits for those who serve. From combat pay exclusions to deductions for moving costs and uniform maintenance, active-duty military members are eligible for a variety of tax breaks that can significantly reduce their overall tax burden. Understanding these benefits can […]
How to Lower Your Taxable Income in Retirement
For many retirees, tax planning doesn’t end when the paychecks stop; it becomes even more critical. Even if you’ve saved diligently, how and when you withdraw money from your retirement accounts can significantly impact how much you owe the IRS. Understanding how to lower your taxable income in retirement can help stretch your savings, preserve […]
Filing Taxes During a Marriage Separation
Filing Taxes During a Marriage Separation Marriage separation can create significant tax complexities, particularly when determining filing status, dependent claims, and the treatment of shared income or assets. For tax purposes, the IRS generally considers individuals married until a final divorce decree or separate maintenance decree is issued. Understanding how this distinction affects tax obligations […]
Tax Tips for New Parents: Child Tax Credit, Dependent Claims & More
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 […]
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 […]