August 2025

I have a few tax clients that enjoy visiting the casinos around the country and one of the issues I will discussing next spring will be is the new gambling provision that could reshape how millions of U.S. gamblers are taxed on their bets.   That is because the so-called "One Big Beautiful Bill" (OBBB), signed into law on July 4, 2025, introduced a cap on deductions for gambling losses.

When doing the taxes for people that have just started to dip their toes into the world of investing in stocks, I have found that very few knew about the wash sale rules.  Yet, this could cause you to pay a lot more in taxes than you need to if you don’t watch the calendar.