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.

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.

The One Big Beautiful Bill, as the new tax bill is called, makes some significant changes to Americans’ personal finances.

At close to 1,000 pages, the legislation makes permanent the 2017 tax cuts and introduces new tax breaks—including deductions for tips, overtime pay, and auto loan interest—and gives a special $6,000 deduction for seniors who receive Social Security.  (I figured it will save me about $1,400 a year in taxes.  WooHoo!)

Savings bonds for a long time have been a popular investment to add to your portfolio.  They provide some stability to your investments, a guaranteed rate of return, and can help you save on your taxes.  Some investors have owned Series I savings bonds for many years, and the 30-year maturity date might be approaching. Others have bought them in recent years to insulate their portfolios from inflation and the ups and downs in the stock market.  Either way, you should be aware of the federal income tax rules.

IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic! They say they’re there to help.

When a taxpayer receives mail from the IRS, they should:

After doing people''s taxes for over two decades, one of the worst parts of it is when your client''s die and you have to help pick up the pieces.   It is sad that in so many households only one of the spouses does all the accounting and taxes. If that spouse dies first, time and again I have found that the remaining spouse has no clue where to even start to put all the financial pieces together again.

It seems that you can find a study about just about anything these days.  I was readying about a study that  was done at the University of Michigan, using data from the U.S. Treasury Department to determine if it matters whose name is listed first on a tax return.

One of the more interesting questions I get now and then is "I heard that I can hire my kid and save on my taxes.  Is that true?" 

The answer to that is yes - IF you follow the IRS rules.   I think their is a better reason to hire your children, though.  It is the best education they can learn to prepare them for life after they move out of your house - from either an employee''s point of view or a business owner''s point of view or both. 

An IRS chief counsel recently issued advice (CCA-2025-11015) that describes five situations in which taxpayers were victimized by scammers.