Here’s a good bet: Millions of fans of online sports gambling have no idea they’re racking up big tax bills on their wagers—at least as the Internal Revenue Service sees it. Sports betting has exploded since 2018, when the Supreme Court struck down a national ban, and it’s now legal in 37 states and the District of Columbia.

As an attempt to stimulate the restaurant industry, business meals prepared by a restaurant became 100% deductible to the employer for 2021 and 2022. Prior to this change, meals were mostly 50% deductible. Now, in 2023, we are back to where we were before the pandemic, so most meals are once again 50% deductible while entertainment expenses remain non-deductible.

Trusts often are used for estates that have significant assets, a complicated financial situation, or when there are minor children, or children or grandchildren with special needs involved. Trusts allow individuals to exercise greater control over how and when their money is disbursed to heirs, even long after they are deceased—rather than leaving money outright to a beneficiary in a will.

Here is a great article for small businesses that we had CHAT GPT create.

College decision time is now for many high school seniors. Here is a helpful article on withdrawing funds from 529 college savings plans.

When it comes to tax season, maximizing your deductions is key to minimizing your overall tax liability. Here are some tips to help you make the most of your deductions and potentially increase your tax refund: