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Tax Laws

Calculating Taxes on Social Security Benefits

One of the biggest misconceptions about Social Security benefits is that they are tax free.  And even though the politicians talk about eliminating all taxes on it, I doubt that will ever happen because we are talking about trillions of dollars the politicians won't have to spend on political favors.

During the last 23 years, I have been amazed of the fact that so many people do not know that the federal government can tax up to 85% of our Social Security benefits.   So, you need to know how those taxes are calculated.

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Tax Laws

A Run-Down of the New Tax Changes

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!)

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Tax Laws

New Cap on Gambling Losses

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.

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Tax Laws