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Taxable Talk

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Taxable Talk: Taxable Talk | From Russ Fox, EA, of Clayton Financial and Tax of Las Vegas, NV. All of the items below are for information only and are not meant as tax advice. Please consult your own tax advisor to see how each item impacts your own situation.

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The One Big Beautiful Bill (OBBB) added both good and bad for gamblers in the Tax Code. One item that’s bad is that gambling losses are limited to 90% of the gambling losses incurred.  Professor Bryan...


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Earlier this week, the IRS announced that business tax return efiling will open next week (this came out in an email).  No date has been given yet for individual (personal) tax returns, but I now expect it to open the last week of this month (which is typi...


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It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s:

Corporations (except attorneys); Entities you purchased tangible goods from; Entities you purchased less than $600 from (except royalties; the limit there is $...


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I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log:

Yesterday was the first business day of the new year for most. You may have resolved to keep good records this year (at least, we hope you have). Start with keeping an accurate, contemporaneous written mileage log (or use a smart phone app–w...


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Many are called; few are chosen. And I strongly advise you not to choose this route; however, every year my advice is ignored. Yes, it’s time for the annual award I give, the Tax Offender of the Year.  As usual, there are many deserving candidates but there can only be one winner.

A reader nominated Minnesota Governor Tim Walz and Minnesota Atto...


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