To qualify for deductibility, an expense must meet all four statutory requisites under the Tax Code: Ordinary and necessary – common and appropriate for your business or profession. Paid or incurred ...
The Internal Revenue Service recently updated guidance in Fact Sheet FS-2025-09 (Fact Sheet) to address changes to the ...
The Internal Revenue Service (IRS) has announced major revisions to the U.S. tax code following the passage of the One, Big, ...
New 2026 gambling tax limits loss deductions to 90%, raising taxes for bettors. Learn how Congress is responding and what gamblers can do to prepare.
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