Tag Archive for: president trump administration

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.”

A Favorite Savings Tool Of Financial Advisers Gets Better With ‘One Big Beautiful Bill’

New provisions in the recently signed tax and spending law significantly expand HSA eligibility. The law allows more Affordable Care Act insurance plans, Direct Primary Care arrangements, and plans with telehealth coverage to qualify for HSA use—potentially opening the door for tens of millions of additional users.

New Charitable Giving Tax Rules Coming In 2026: What Donors Should Know

If you want to get the most out of your charitable giving, now is the time to start planning. The new tax rules set to take effect in 2026 could increase, decrease, or complicate your deductions depending on your situation.

Trump’s ‘Big Beautiful Bill’ Promises ‘No Tax On Tips And Overtime’, But There’s A Limit—Here’s Who Qualifies

The new law introduces two above-the-line deductions — one for tips and one for overtime pay. This allows eligible workers to deduct certain income from their federal taxable income, reducing how much they owe in federal income taxes. However, this does not eliminate all taxes on that income.

Big Beautiful Bill Tax Changes By Income Bracket: Who Gains And Who Loses?

An analysis paints a mixed picture of the "Big Beautiful Bill"—officially known as the One Big Beautiful Bill Act. The sweeping tax overhaul shifts benefits and burdens in surprising ways.

The Child Tax Credit Could Be Worth Over $2,000 Under Republicans’ Spending Plan—But Millions Of Families Would Be Ineligible For Full Benefit

Despite the potential increase that Republican lawmakers are pushing to boost the child tax credit as part of their budget reconciliation plan, approximately 17 million children would still not qualify for the full credit.