Optima Newsletter

How Does Alimony Affect Your Taxes? Alimony, also known as spousal support or maintenance, is a regular payment made by one spouse to another after divorce or separation. While it’s essential to ensure financial stability for the receiving spouse, it’s equally important to understand the tax implications of alimony, as they can significantly affect your financial […]

Zelle and Taxes: Will I Receive a 1099-K? Beginning in tax year 2023, you will receive a1099-K if you receive more than $600 in aggregate payments through a payment app or online marketplace. These can include Venmo, PayPal, Etsy, eBay, Cash App, Square, Facebook, Amazon, Shopify, and others. However, there is one payment app that […]

Tax Tips for Seniors and Retirees As the golden years approach, seniors and retirees face a new set of financial challenges, with tax planning becoming increasingly important. Understanding the tax implications of retirement income sources, investments, and deductions can significantly impact a retiree’s financial well-being. In this blog post, we’ll explore some valuable tax tips […]

Am I Responsible for My Spouse’s Back Taxes? Marriage is viewed as a union of two individuals, joining both their lives and responsibilities. As financial obligations and responsibilities intertwine, questions arise about whether one spouse is accountable for the other’s past tax liabilities. In this article, we will delve into the concept of spousal responsibility […]

Chapter 7 Bankruptcy and Taxes Bankruptcy is an exhausting process that individuals and corporations may have to go through when they are overburdened by financial obligations. While it provides the opportunity for a fresh start, it is critical to be mindful of the tax implications. In this blog article, we will discuss the tax implications […]

What Happens If You Don’t File Your Taxes? The April 18th tax deadline passed, and you did not file your tax return. Now what? First, don’t panic. Not everyone needs to file a tax return. Typically, if you earn less than the standard deduction associated with your filing status, you do not need to file a […]