If you placed a bet at MGM Grand Detroit, played a hand at FireKeepers, or fired up your sportsbook app during the Lions’ playoff run, here’s a tax change worth putting on your radar. Starting with the 2026 tax year, the rules around deducting gambling losses are getting a haircut, and the math may leave …
If you opened your mailbox and found a letter from the IRS labeled “CP53E” asking for your bank account information, there is no need to panic. The IRS has been sending these notices in large batches recently, and many taxpayers, including those who filed a balance-due return and already paid, are confused about why Uncle …
Trump Accounts are the newest kid on the block in the world of savings accounts for children. They were created under the Working Families Tax Cuts (Section 70204), and yes, they come with a lot of rules, deadlines, and fine print. If you’re looking for the latest on what Trump Accounts are and how to …
New Charitable Giving Rules Take Effect in 2026 As we approach the busy season, taxpayers making year-end charitable donations face significant changes under the One Big Beautiful Bill Act (OBBBA). This legislation introduces substantial modifications to how both itemizers and non-itemizers can benefit from their charitable contributions. Expanded Standard Deduction and New Above-the-Line Charitable Deduction …
What the New Senior Tax Deduction Means in 2025 Starting in the 2025 tax year, Uncle Sam is throwing seniors a rare bone. A new tax deduction for taxpayers age 65 and older could shave a meaningful chunk off taxable income, thanks to the One Big Beautiful Bill Act passed in 2025. Eligible seniors may …
Welcome to your stress-free tax preparation headquarters! With tax season just around the corner, CPA Nerds is here to simplify the process and make filing your taxes a breeze. Updated 1040 Tax Preparation Checklist for 2025 The 1040 Checklist is not just a list; it’s your tax preparation ally. This comprehensive guide walks you through …
Few questions matter more in retirement planning than how much your Social Security income will end up in your pocket. For decades, seniors have had to worry about a portion of their benefits being taxed, depending on their overall income. The new law does create meaningful tax relief for many seniors age 65 and older …
Many families we work with have the same question: Does the new One Big, Beautiful Bill raise the Child Tax Credit? The answer is yes, and there are some other important updates you should know about, too. As your CPA team, we want to walk you through what’s changing, what stays the same, and how …
With a new school year underway, many teachers and school staff are again reaching into their pockets to cover classroom supplies and other essentials. The IRS recognizes this financial commitment and provides an above-the-line deduction to help ease the burden. Here’s what you need to know about the 2025 rules for the Educator Expense Deduction. …
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