For Tax Year 2025, you can deduct 100% of your gambling losses up to the total amount of your gambling winnings. Any excess losses cannot be carried forward to future years. To claim your losses, you must itemize your deductions on Schedule A of Form 1040. If you take the standard deduction, you cannot deduct… [keep reading…]
Tag: 2026
Things to Watch for in 2026: A Forecast for Retirement Plans
The continued rollout of SECURE 2.0 and other updates means 2026 will likely be a busy year for regulatory guidance. Below are a few items that are likely to matter to advisors in 2026. More SECURE 2.0 guidance expected. Treasury and the IRS are still working through a long list of SECURE 2.0 projects, and… [keep reading…]
Staying Ahead of New York’s Construction Law Changes in 2026
As the new year begins, New York State enacted several important legislative changes that will directly affect businesses operations for contractors doing business in the state. These include Senate Bill S2536A, which relates to the inclusion of certain off-site custom fabrication as public work for the purposes of payment of prevailing wage, as well as… [keep reading…]