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Are gambling losses deductible?

Topic 419 - Gambling Income and Losses The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes…
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Retirement Savings Contribution Credit

Retirement Savings Contributions Credit (Saver’s Credit) You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. Who's eligible for the credit? You're eligible for the credit if you're: Age 18 or older; Not a full-time student; and Not claimed as a dependent on another person’s…
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Timing is Everything

IRS Raises Stakes for Employers Who Delay FICA Taxation of Deferred Compensation The National Law Review - Timing is Everything- IRS Raises Stakes for Employers Who Delay FICA Taxation of Deferred Compensation - 2017-06-12
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Net Investment Income Tax

Find out if the Net Investment Income Tax applies to you. Basics of the Net Investment Income Tax 1. What is the Net Investment Income Tax (NIIT)? The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT applies at a rate of 3.8% to certain net investment income of…
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