Homeownership Taxes: Every Homeowner Must Understand
Unlock the mysteries of home taxes with Optimum Taxes. From mortgage perks to capital gains savings, we’ve got you covered. Explore our user-friendly eTaxing services and book an appointment for personalized tax benefits. Maximizing Tax Benefits for Homeowners Made Simple Discover the full potential of tax perks with Optimum Taxes. Our experts guide you through […]
Top 5 Tax Filing Mistakes to Avoid – Simplify Your Process with Optimum’s eTaxing Service
Tax season is often laden with complexities and potential pitfalls. But fear not, with Optimum Accounting & Tax Services by your side, and our eTaxing service at your fingertips, navigating these waters becomes significantly easier. In this revamped blog post, we’ll explore five critical tax mistakes to sidestep, ensuring your interactions with the IRS are […]
Seniors: Medicare Premiums Could Lower Your Tax Bill
Americans who are 65 and older qualify for basic Medicare insurance, but they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive — especially if you’re married and both you and your spouse are paying them. One aspect of paying premiums might be a positive, […]
COVID-19 relief: Overview of the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to funding the health care fight against the novel coronavirus (COVID-19), the roughly $2 trillion legislation provides much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are some […]
New Break Temporarily Makes Retirement Plan Withdrawals Less Taxing
A key provision of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is intended to help alleviate some of the economic hardship many Americans are experiencing as a result of the novel coronavirus (COVID-19) pandemic. It allows tax-favored treatment for distributions from retirement accounts in certain situations. Penalty waiver and more Under the CARES […]
Protecting Yourself from Opportunistic Fraud
The novel coronavirus (COVID-19) crisis has spurred much confusion and unprecedented economic challenges. It has also created ample opportunities for dishonest individuals and criminal organizations to prey on the anxieties of many Americans. As the year rolls along, fraud schemes related to the crisis will continue as well, potentially becoming even more sophisticated. Here are […]
Keeping Up With the Net Operating Loss Rules
When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. When filing your 2019 income tax return, you might find that your business has an NOL — and you may be able to turn it to your tax advantage. But the rules applying to NOLs have changed and […]
Risks vs. Benefits of Life Insurance Loans
Because of the economic downturn triggered by the COVID-19 crisis, many people have found themselves in need of cash to pay unexpected medical bills, mortgage payments and other expenses. One option is to borrow against the cash value of a permanent life insurance policy, but such loans aren’t risk-free. Recognizing potential pitfalls Before you borrow […]
AMT less “toothy” but may still take a bite
For many years, the alternative minimum tax (AMT) posed a risk to many taxpayers in the middle- to upper-income brackets. The Tax Cuts and Jobs Act (TCJA) took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption. As a result, middle-income earners have had less to worry about, but those whose […]
Is it time for a cost segregation study?
Because of the economic impact of the COVID-19 crisis, many companies may want to conserve cash and not buy much equipment this year. As a result, you may not be able to claim as many depreciation tax deductions as in the past. However, if your company owns real property, there’s another approach to depreciation to […]