Optima Newsletter

Here’s what Taxpayers need to know about Biden’s $1.9 Trillion Economic Rescue Package

Taxpayers can expect to receive a third stimulus check in addition to aid for individuals who are unemployed and facing eviction from their homes. The new Economic Rescue Package would also provide assistance to small businesses, states and local governments and will increase funding for vaccinations and testing.

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First-Time Homebuyers may receive up to $15,000

Individuals may be able to receive up to $15,000 when buying their first property thanks to President Biden’s proposal. Although the details of the credit are still being worked out, if passed, taxpayers can expect to receive up to $15,000 in advance when purchasing their first home.

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3 Tax Mistakes to Avoid making this Year

Taxpayers should start collecting all their important tax documents ahead of tax season in order to get the most out of their tax return and to ensure that avoidable errors are not made that could potentially delay their refund. Here are some tax filing tips taxpayers need to review before filing their taxes.

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Working from Home? Here’s what You need to know about the Home Office Deduction.

A large number of Americans have made the transition from working in the office to working at home. With so many people starting to file their tax return, they may have questions about if they qualify for any working from home tax breaks. Here’s everything you need to know about claiming a home office tax deduction.

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When Can Taxpayers Expect to Receive their Stimulus Payment? 

The IRS and the Treasury Department have already begun to distribute a second round of stimulus checks to individuals. For those who opted for direct deposit, they can expect to receive their money very soon if they haven’t already. Taxpayers who are receiving their economic impact payment in check form, can expect to receive it throughout all of January.

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If Student Loan Forgiveness is Adopted, it Could Impact Your Taxes.

Student debt cancellation is currently being discussed between Senate Minority Leader Chuck Schumer and President-elect Joe Biden. Because of the ongoing pandemic, many Americans are struggling to financially stay afloat because of the ongoing pandemic. Student loan relief could help those who don’t have the ability to make their monthly payments. Here are some possible tax implications you could face if your student debt goes away.

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Tax Implications when Buying & Selling Stocks 

Although the stock market has been unstable throughout the course of the pandemic, millions of individuals have still been investing in stocks and making the most of stock prices that have hit their lowest. Those who have been investing in the stock market or have sold any stock will need to report any capital gains they received to the IRS in order to avoid any tax implications.

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Small Businesses have been hit with a PPP tax Change. Here’s Everything You need to Know.

The IRS has added additional information to the Small Business Administration’s Paycheck Protection Program. The additional details entail that tax-deductible items will not be deductible if they were paid through PPP funds.

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Pause on Student Loans could End Soon. Here’s what You Need to Know.

The CARES Act has allowed millions of student loan borrowers to pause their student loans until January 31st. For the time being, loan payments, interest and collections on defaulted federal loans have been put on hold in order to provide financial relief for those who were financially affected by COVID-19.

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McConnell Announces Second COVID-19 Stimulus Deal may be Reached by the End of the Year

A possible COVID-19 stimulus deal may happen by the end of December. Both House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer have been working to announce a stimulus deal to present to the American people and businesses. 

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Are Short-Term Disability Claim Payments Considered Additional Income?

For those who suffer from serious medical conditions, disabled temporarily from an injury or are pregnant, you could be covered by short-term disability payments through a private insurer that can be obtained through your employer. The payments that you received could be considered taxable, here’s what you need to know.

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5 Reasons why You should File your Tax Return

Every year taxpayers are required to file their taxes in order to remain compliant with the IRS. When filing, a taxpayer will either receive a refund or owe a balance which they have the option to pay off in order to stay out of collections. For those who earn a low income, they may not be required to file their tax returns. Here’s everything you need to know.

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Will a Covid-19 Relief Deal Be Struck Soon?

The ongoing pandemic has caused many Americans to suffer financially due to a loss of jobs and businesses shutting down. Proposals for another coronavirus relief package are currently ongoing and should include another stimulus check distributed out to taxpayers as well as providing assistance to businesses that are finding it difficult to stay open.

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Can Working Remotely Lead to Additional Taxes?

Many taxpayers have switched from working in the office to working at home because of COVID. Most people don’t realize that there could be tax implications when working from home and could end up with a tax-time surprise if they’re not up to date on current tax laws.

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Economic Impact Payment Extended for Non-Filers to November 21st

Taxpayers who don’t typically file their taxes and have yet to receive a stimulus check should register online on the IRS website in order to receive their economic impact payment. The IRS is allowing Americans to register online until November 21, 2020.

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Taxpayers in Financial Hardship could Qualify for Stimulus Check

Many Americans are facing homelessness or financial hardship during the ongoing pandemic could qualify for a $1,200 Economic Impact payment. If your income threshold is below $12,200 or $24,000 if you’re married, you will need to register with the IRS by November 21st in order to receive your money.

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Taking a CARES Act Retirement Withdrawal could Lead to a Tax Liability

If you’re out of work due to the coronavirus and in need of money fast, you might want to consider withdrawing from your retirement savings. Taxpayers who have had a negative impact on their finances due to the pandemic should know that temporary changes to the rules under the CARES Act allows taxpayers to make early withdrawals from their traditional individual accounts. Here is everything you need to know about making an early distribution and what the possible tax implication could be for you.

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Is My Social Security Number Required in Order to File My Taxes?

For those that are filing for the first time on their own, it can seem overwhelming trying to figure out what information you need to provide to the IRS in order for your return to be accepted. One question that many people ask is if a social security number is necessary to have when filing their taxes. Here’s everything you know about if your social security number is required and what you should do if you don’t have one.

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The IRS to Contact Taxpayers Who are Eligible for a Stimulus Check

Due to the ongoing coronavirus pandemic, many Americans have been struggling to stay financially afloat. To help offset the many expenses that households across America are facing, the government issued out $1,200 stimulus checks to qualifying taxpayers. If you have yet to claim your check or didn’t realize that you were eligible for relief money, you can expect the IRS to contact you to notify you about your check.

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If a Second Stimulus Check is Approved, When will it Arrive?

Ongoing negotiations are underway to pass another relief package to assist Americans that were affected by COVID-19. It is assumed that another economic relief rescue package will be passed and taxpayers will be paid out for a second time this year however, it will depend on how quickly the IRS can distribute the money to qualifying Americans. Here are important stimulus check facts taxpayers should know.

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