Tax season brings a lot of important communication—and unfortunately, it can also bring scams. Each year, fraudsters take advantage of increased tax activity to try to collect personal and financial information. At Abacus!, better guidance means helping you know what to watch for and when to pause before acting. Awareness Is Your First Line of Defense Tax-related scams often appear during this [...]
Effective for tax years beginning January 1, 2026, a new federal law—the One Big Beautiful Bill Act (OBBBA)—changes how gambling losses can be deducted. This update may increase taxes for both casual and professional gamblers, even if your activity breaks even or results in a net loss. What is Changing? Before 2026 Gambling losses were deductible up [...]
Great question! Side gigs like selling goods online, delivering food, or starting a ridesharing business are common ways people earn extra money. If you have a side gig where you earn income, you’re required to report that income. The question then becomes, is my side gig a hobby, or am I operating my side gig as [...]
