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: Form 1040
It’s Time! What to Prepare for Tax Year 2025 Filing
Whether you’re an individual taxpayer or business owner, preparing early for tax time can reduce delays, minimize errors, and help your tax pros do their best work on your behalf. Our team has put together a practical guide to get you started on the right foot this tax season, including key deadlines, commonly required documents, and planning considerations.