For the right employer, a “combo plan” can create a powerful opportunity to increase deductible contributions and accelerate retirement savings. What is a Combo Plan? A combo plan generally combines a defined contribution plan and a defined benefit plan for the same employer or controlled group. A common combo design pairs a safe harbor 401(k)… [keep reading…]
Tag: Deduction Limits
Tax Tip Tuesday – Claiming Gambling Losses: What’s New for 2026
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…]