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  • The Types of Gifts the IRS Won’t Tax

    One of the questions I tend to get every year is, 'How much tax will I have to pay if someone gives me a lot of money as a gift'.   The answer is nothing.  The facts are that the person giving you the money is the one that may be subject to something called the gift tax.  And while there are a lot of exclusions to the tax, filing the paperwork to exclude yourself is really a pain in the....

    That said, there is some good news: most people will never come close to exceeding the lifetime estate and gift tax exemption, which, due to the new 2025 Trump/GOP tax law, will remain extraordinarily high for the average household.

  • My New Book Was Reviewed!

    Great News Today!  I received a review on my newest publication, Mastering Business Basics, from the Readers's Favorite Book Review website.  Here's what they had to say: 

    Review #1: Review by Stephen Christopher

    Reviewed by:

    Stephen Christopher

    Review Rating:

    5 Stars - Congratulations on your 5-star review!

    Reviewed by Stephen Christopher for Readers’ Favorite

  • The New No Taxes on Tips Regulations

    The “No Tax on Tips” deduction, known as the Qualified Tip Deduction, was introduced through One Big Beautiful BIll Act (OBBBA). This deduction allows employees and self-employed individuals to deduct up to $25,000 in qualified tips received during the year, per tax return. It is available to qualifying taxpayers regardless of whether they itemize deductions or use the standard deduction.

  • 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.

    Starting January 1, 2026, people will be able to deduct only 90% of their gambling losses against their winnings on federal taxes. (The previous policy allowed a full 100% deduction of gambling losses up to the amount of winnings.).  This is projected to will raise roughly $1.1 billion in additional taxes over ten years. 

  • 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!)

    The bill makes cuts to begin eliminating fraud in social programs such as Medicaid and food assistance, eliminates tax incentives for clean energy, and overhauls the federal student loan system.

    So, what does it mean for your wallet?

  • Investing in Series I Savings Bonds

    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.