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.

The home sale exclusion remains one of the biggest and best tax breaks on the books. If a married couple filing jointly qualifies, they can exclude from tax up to a half million dollars of their profit when they sell their principal residence. However, you must meet certain requirements spelled out in the tax law. Significantly, the exclusion may be jeopardized if a couple is getting divorced.

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.

The sweeping energy law Congress passed in August 2022 includes major changes to tax incentives for consumers to electrify their homes and vehicles.

The Internal Revenue Service announced the largest ever increase to the amount Americans can set aside in health-savings accounts each year.