One of the common problems I face helping people with there taxes is helping them get their withholding correct so they don't end up owning the IRS at the end of the year.  So how can you fine-tune your withholding and estimated tax payments for 2026?

The IRS now has a withholding estimator on its website to help you figure out whether you are having the right amount of federal income tax withheld from wages, pensions, IRS distributions, etc. This tool asks about various sources of income, gives tips on credits and deductions, and estimates how much withholding to request.

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.

The business meal deduction has been around for a long time.  However, businesses should be aware of significant changes that are scheduled to take effect after December 31, 2025, which affects the deductibility of certain meals.  These include:

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

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Stephen Christopher

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5 Stars - Congratulations on your 5-star review!

Reviewed by Stephen Christopher for Readers’ Favorite

When doing the taxes for people that have just started to dip their toes into the world of investing in stocks, I have found that very few knew about the wash sale rules.  Yet, this could cause you to pay a lot more in taxes than you need to if you don’t watch the calendar.

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. 

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?