Tag Archive for: deductions

New Tax Rules: Income The IRS Won’t Touch In 2025

While the OBBB tax and spending law will offer potential breaks for many, it also introduces confusion about what’s truly non-taxable. Here's a breakdown of income the IRS won’t tax and how the new law might impact your next return.

New Gambling ‘Phantom Taxes’ Start In 2026 – What This Means For Your Winnings And Tax Burden

Starting in 2026, thanks to a provision buried in the recently passed One Big Beautiful Bill Act, the amount of gambling losses you can deduct caps at 90%, down from the previous 100%. That means you could be taxed on income you never actually profited from — what critics are calling a “phantom tax.”

What To Know About Trump’s ‘No Tax On Tips’ Pledge In The GOP Budget Bill

The proposal has gained bipartisan support from lawmakers, the public, and business groups, especially those in the service industry. However, critics argue it could cost the government billions while offering limited benefits to low-income workers.

Five Expiring Tax Breaks That Trump’s New Bill Would Extend — If Not Increase

House Republicans recently introduced a draft bill on May 12, nicknamed “The One, Big, Beautiful Bill,” aimed at renewing and enhancing several provisions from the 2017 Tax Cuts and Jobs Act. Here are five key tax breaks that could stick around — and get a boost — under the new legislation:

Why Do I Owe Taxes This Year? Understanding The Causes

There are many reasons why you may have underpaid taxes during the year, ranging from changes in your financial and personal situation to shifting tax laws. Understanding why you owe can help you avoid the same issue in the future.

A Tax Planning Roadmap For Four Life Events

While taxes may not be on your mind while experiencing big life events such as marriage, buying a house, having children, and divorce, all four can impact tax planning by changing income, tax filing status and eligibility for various tax breaks.