“Odds Are the Tax Law Doesn’tConsider You a Professional Gambler” To get my complete, FREE articlewith all the details… Here’s a fact that many people don’t know... Tax law treats gamblers unfairly. Although not a buddy of the professional gambler, tax law does treat the professional far better than the recreational gambler. The professional gambler is in the … [Read more...]
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Beware the Dreaded Wash Sale Rule When Harvesting Tax Losses
“Beware the Dreaded Wash Sale Rule WhenHarvesting Tax Losses” To get my complete, FREE articlewith all the details… Have you ever made a bad investment in a taxable brokerage firm account? Well, the good news is that you can harvest a tax-saving capital loss by selling that losing security. Right? Well, maybe not. Play your hand wrong and you could destroy … [Read more...]
Don’t Let Your Recreational Gambling Create a Tax Nightmare
“Don’t Let Your Recreational GamblingCreate a Tax Nightmare” To get my complete, FREE articlewith all the details… For starters, check out the federal income tax rulesthat possibly affect you. These are the tax rules that govern your gambling. Be sure you understand them! Your winnings are “above-the-line” taxable. Your losses are … [Read more...]
2023 Last-Minute Year-End Tax Deductions for Your Existing Vehicles
“2023 Last-Minute Year-End TaxDeductions for YourExisting Vehicles” To get my complete, FREE articlewith all the details… The end is near! 2023 that is, and the last day of the year, December 31, is just around the corner. That’s why you should act promptly before that date if you want to take advantage of some really nice tax deductions! You see, December 31 … [Read more...]
NFTs and Taxes: New Rules and What You Need To Know Now
“NFTs and Taxes: New Rules and WhatYou Need to Know Now” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’ll be talking about NFTs - “non-fungible-tokens.” So let’s start with a definition. What is an NFT? NFTs represent ownership of virtual or physical assets which can be bought or sold on online … [Read more...]