Super Bowl weekend is here, and with it comes one of America’s favorite traditions: block pools, online sports betting and friendly wagers. Most people aren’t thinking about taxes when they’re watching the game. However, the IRS considers gambling winnings taxable income, even for small Super Bowl pools. Whether people actually report them is another story. Let’s break it down  What “counts” as gambling income? If you win money or a prize from the following sources, it is tec

Families with young children can take advantage of a new savings opportunity created under the Working Families Tax Cuts. Trump Accounts are being rolled out as a new type of Individual Retirement Account (IRA) designed specifically for children. These accounts come with meaningful tax benefits, and many families will qualify for a $1,000 federal contribution to jump start their child’s savings. If you are a parent wondering how these accounts work and how to open one, here’s

Individuals approaching retirement often ask about tax withholding and how different states treat retirement income. Since many of my clients live in New Jersey or Pennsylvania, this overview highlights the key differences in how each state taxes retirement income and what retirees should consider when planning. New Jersey New Jersey offers several tax benefits for retirees, but they depend heavily on income level and age. 1. Social Security Benefits Are Not Taxed All Social

Raising children can be incredibly expensive. The IRS understands this, which is why families with children have access to valuable tax credits and planning opportunities. Whether your child is a newborn, a teenager, or a college student, you can reduce your tax bill with proper planning and education. Below are the key benefits every parent should know about: 1. Child Tax Credit (CTC) The Child Tax Credit is available to families with children age 17 and under. This credit i

Delivering the news that a client owes a balance at tax time is one of my least favorite parts of this job. No one enjoys surprises when it comes to taxes, especially when they were expecting a refund. Over the years, I’ve noticed a handful of recurring situations that tend to catch people off guard. This is not an exclusive list, however understanding these scenarios can help you plan ahead and avoid an unpleasant surprise next April. Freelancers, 1099 Contractors, and Side‑

The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. These updates may impact your refund, withholding, or planning for the year ahead. Below is a summary of the most relevant changes for individual taxpayers: 1. Additional Deduction for Seniors From 2025 - 2028, taxpayers age 65 and older may claim an additional $6,000 deduction per eligible individual, on top of the standard deduction.This benefit phases out at: Adjusted Gross Income (AGI) over $75,00