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Every year, it's a sure bet that there will be changes to current tax law and this year is no different.
From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.
Individuals In 2020, a number of tax provisions are affected by inflation adjustments, including Health Savings Accounts, retirement contribution limits, and the foreign earned income exclusion.
The tax rate structure, which ranges from 10 to 37 percent, remains similar to 2019; however, the tax-bracket thresholds increase for each filing status.
Standard deductions also rise, and as a reminder, personal exemptions have been eliminated through tax year 2025.
Both the exemption and threshold amounts are indexed annually for inflation.
Health Savings Accounts HSAs Contributions to a Health Savings Account HSA are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent.
Medical expenses must not be reimbursable by insurance or other sources and do not qualify for the medical expense deduction on a federal income tax return.
A qualified individual must be covered by a High Deductible Health Plan HDHP and not be covered by other health insurance with the exception of insurance for accidents, disability, dental care, vision care, or long-term care.
Medical Savings Accounts MSAs There are two types of Medical Savings Accounts MSAs : the Archer MSA created to help self-employed individuals and employees of certain small employers, and the Medicare Advantage MSA, which is also an Archer MSA, and is designated by Medicare to be used solely to pay fantasy)))) american casino guide 2020 amazon there qualified medical expenses of the account holder.
To be eligible for a Medicare Advantage MSA, you must be enrolled in Medicare.
Both MSAs require that you are enrolled in a high-deductible health plan HDHP.
AGI Limit for Deductible Medical Expenses In 2020, the deduction threshold for deductible medical expenses is 7.
Eligible Long-Term Care Premiums Premiums for long-term care are treated the same as health care premiums and are deductible on your taxes subject to certain limitations.
Medicare Taxes The additional 0.
Investment income includes dividends, interest, rents, royalties, gains from the disposition of property, and certain passive activity income.
Estates, trusts, and self-employed individuals are all liable for the tax.
All other taxpayers fall into the 15 percent rate amount i.
The maximum tax rate remains at 40 percent.
The credit varies by family size, filing status, and other factors, with the maximum credit going to joint filers with three or more qualifying children.
Child and Dependent Care Tax Credit The Child and Dependent Care Tax Credit also remained under tax reform.
For higher-income earners, the credit percentage is reduced, but not below 20 percent, regardless of the amount of adjusted gross income.
This tax credit is nonrefundable.
Businesses Standard Mileage Rates In 2020, the rate for business miles driven is 57.
This amount is indexed to inflation for tax years after 2018.
The deduction was enhanced under the TCJA to include improvements to nonresidential qualified real property such as roofs, fire protection, and alarm systems and security systems, and heating, ventilation, and air-conditioning systems.
Bonus Depreciation Businesses are allowed to immediately deduct 100% of the cost of eligible property placed in service after September 27, 2017, and before January 1, 2023, after which it will be phased downward over a four-year period: 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and 0% in 2027 and years beyond.
Qualified Business Income Deduction Eligible taxpayers are able to deduct up to 20 percent irs gambling losses 2020 certain business income from qualified domestic businesses, as well as certain dividends.
To qualify for the deduction business income must not exceed a certain dollar amount.
Certain start-up businesses that might not have any income tax liability will be able to offset payroll taxes with the credit as well.
This amount is used for limiting the small employer health insurance credit and for determining who is an eligible small employer for purposes of the credit.
Business Meals and Entertainment Expenses The deduction remains at 50% for taxpayers who incur food and beverage expenses associated with operating a trade or business.
For tax years 2018 through 2025, however, the 50% deduction expands to include expenses incurred for meals furnished to employees for the convenience of the employer.
Amounts after 2025, however, will not be deductible.
Office holiday parties remain 100% deductible and employee meals while on business travel also remain deductible at 50%.
Also eliminated is the deduction for business entertainment expenses only meals are deductible at 50%; receipts must identify and separate meal costs from entertainment costs.
While this checklist outlines important tax changes for 2020, additional changes in tax law are likely to arise during the year ahead.
Don't hesitate to call if you have any questions or want to get a head start on tax planning for the year ahead.
What's New for the 2020 Tax Filing Season While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.
New, Revised or Updated Tax Forms Form 1040: Revised and Redesigned The IRS released a draft Form 1040 for 2019 tax returns that has been updated from the 2018 version.
Of significance is that there are now three schedules instead of the six that appeared in the 2018 Form 1040.
Schedule 6 is now part of Form 1040.
Schedules 2 and 4 have been combined into a single schedule as have Schedules 3 and 5.
Schedule 1 remains as is.
Another notable change is that the signature line is once again, at the end of the form.
While the new Form 1040 for 2019 is no longer "postcard size," it is still shorter than it was in 2018 - although slightly longer than the 2019 version.
Tax Return for Seniors The new Form 1040SR for 2019, was created in response to the Bipartisan Budget Act of 2018 and is intended for taxpayers age 65 and older.
While similar to the standard Form 1040, the font size is larger and it includes a chart of the standard deduction and additional standard deduction amounts for taxpayers over 65 years old or blind.
Taxpayers with more complicated tax situations should use the regular Form 1040.
The penalty for failing to obtain health insurance expired at the end of 2018.
As such, for 2019 tax returns there is no box on Form 1040 to check off indicating you had health insurance.
Some states have their own individual health insurance mandate requiring coverage.
If you live in a state with a mandate and don't have insurance or an exemption you must pay a fee when you file your state taxes.
Currently, Massachusetts, New Jersey, and Washington, D.
Alimony is No Longer Deductible.
Starting January 1, 2019, alimony is no longer deductible to the payer and is no longer taxable to the payee for separation or divorce agreements or decrees in effect on this date or later.
Medical Expense Deduction Threshold Remains at 7.
For tax years 2017 and 2018 the medical expense deduction threshold was rolled back to 7.
In 2019 it was scheduled to revert to 10 percent; however, the Further Consolidated Appropriations Act, 2020, extended the 7.
Deduction for Qualified Tuition and Related Expenses Extended.
This above-the-line deduction was extended through 2020.
Help is just a phone call away.
Tax Breaks for Taxpayers Who Itemize Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill.
Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize.
Here's what to keep in mind: 1.
Deducting state and local income, sales and property taxes.
State and local taxes paid above this amount can't be deducted.
The deduction for mortgage interest is limited to interest paid on a loan secured by the taxpayer's main home or second home.
Homeowners who choose to refinance must use the loan to buy, build, or substantially improve their main home or second home, and the mortgage interest they may deduct wpt borgata poker open 2020 winner subject to the limits described under "buying a home," below.
Donations to a qualified charity also qualify as a tax break.
Taxpayers must itemize deductions to deduct charitable contributions and must have proof of all donations.
The non-profit organization must be a 501 c 3 public charity or private foundation and non-cash donations may require a qualified appraisal.
Deducting mileage for charity.
Miles driven using a personal vehicle for charitable service activities could qualify you for a tax break.
Itemizers can deduct 14 cents per mile for charitable mileage driven in 2019.
Reporting gambling winnings and claiming gambling losses.
Taxpayers who itemize can deduct gambling losses up to the amount of gambling winnings.
You may deduct gambling losses; however, the amount of losses you deduct can't be more than the amount of gambling income you report on your return.
Furthermore, you must keep a record of your winnings and losses, for example, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, continue reading other records that show the amount of both your winnings and losses.
Investment interest expense is interest paid or accrued on a loan or part of a loan that is allocated to property held for taxable investments - the interest on a loan you took out to buy stock in a brokerage account, for example.
Taxable investments include interest, dividends, annuities or royalties.
Wondering whether you should itemize deductions on your 2019 tax return?
Don't hesitate to call the office and find out.
Tips to Improve Your Financial Situation If you are having trouble paying your debts, it is important to take action sooner rather than later.
Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home.
If you're in financial trouble, then these steps will help you to avoid financial ruin in the future.
If you've accumulated a large amount of debt and are having difficulty paying your bills each month, now is the time to take action - before the bill collectors start calling.
Make sure that the debt creditors claim you owe is actually what you owe and that the amount is correct.
If you dispute a debt, first contact the creditor directly to resolve your questions.
If you still have questions about the debt, contact your state or local consumer protection office or, in cases of serious creditor abuse, your state Attorney General.
Let your creditors know you are having difficulty making your payments.
Tell them why you are having trouble, perhaps it is because you recently lost your job or have unexpected medical bills.
Try to work out an acceptable payment schedule with your creditors.
Most are willing to work with you and will appreciate your honesty and forthrightness.
Most automobile financing agreements permit your creditor to repossess your car any time you are in default, with no advance notice.
If your car is repossessed, you may have prestige casino free spins pay the full balance due on the loan, as well as towing and storage costs, to get it back.
Do not wait until you are in default.
Try to solve the problem with your creditor when you realize you will not be able to meet your payments.
It may be better to sell the car yourself and pay off your debt than to incur the added costs of repossession.
Create a spending plan that allows you to reduce your debts.
Itemize your necessary expenses such please click for source housing and healthcare and optional expenses such as entertainment and vacation travel.
Stick to the plan.
Try to reduce irs gambling losses 2020 expenses.
Cut out any unnecessary spending such as eating out and purchasing expensive entertainment.
Consider taking public transportation or using a car-sharing service rather than owning a car.
Clip coupons, purchase generic products at the supermarket and avoid impulse purchases.
Above all, stop incurring new debt.
Leave your credit cards at home.
Pay for all purchases in cash or use a debit card instead of a credit card.
Pay down and consolidate your debts.
Withdrawing savings from low-interest accounts to settle high-rate loans or credit card debt usually makes sense.
In addition, there are several ways to pay off high-interest loans, such as credit cards, by getting a refinancing or consolidation loan, such as a second mortgage.
Keep in mind, however, that second mortgages greatly increase the risk that you may lose your home.
Be wary of any loan consolidations or other refinancing that actually increase interest owed, or require payments of points or large fees.
You can regain financial health if you act responsibly.
But don't wait until bankruptcy court is your only option.
If you're having financial troubles, help is just a phone call away.
Starting a Home-Based Business More than half of all businesses today are home-based.
Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars.
Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs - home-based business people.
And, with technological advances in smartphones, tablets, and iPads as well as rising demand for "service-oriented" businesses, the opportunities seem to be endless.
Is a Home-Based Business Right for You?
Choosing a home business is like choosing a spouse or partner: Think carefully before starting the business.
Instead of plunging right in, take the time to learn as much about the market for any product or service as you can.
Before you dive headfirst into a home-based business, you must know why you are doing it and how you will do it.
To achieve success your business must be based on something greater than a desire to be your own boss and involves an honest assessment of your personality, an understanding of what's involved, and a lot of hard work.
You have to be willing to plan for the long-term and be willing to make improvements and adjustments along the way.
While there are no "best" or "right" reasons for starting a home-based business, it is vital to have a very clear idea of what you are getting into and why.
Working under the same roof that your family lives under may not prove to be as easy as it seems.
It is important that you work in a professional environment.
If at all possible, you should set up a separate office in your home.
You must consider whether your home has space for a business and whether you can successfully run the business from your home.
If so, you may qualify for irs gambling losses 2020 tax break called the home office deduction.
Please call if you'd like more information about this tax break or to find out if you qualify for the deduction.
Compliance with Laws and Regulations A home-based business is subject to many of the same laws and regulations affecting other businesses, and you will be responsible for complying with them.
There are some general areas to watch out for, but be sure to consult an attorney and your state department of labor to find out which laws and regulations will affect your business.
Zoning Be aware of your city's zoning regulations.
If your business operates in violation of them, you could be fined or closed down.
Restrictions on Certain Goods Certain products may not be produced in the home.
Most states outlaw home production of fireworks, drugs, poisons, sanitary or medical products, and toys.
Some states also prohibit home-based businesses from making food, drink, or clothing.
Planning Techniques Money fuels all businesses.
With a little cherry casino bonus code 2020, you'll find that you can avoid click at this page financial difficulties.
When drawing up a financial plan, don't worry about using estimates.
The process of thinking through these questions helps develop your business skills and leads to solid financial planning.
Estimating Start-Up Costs To estimate your start-up costs include all initial expenses such as fees, licenses, permits, telephone deposit, tools, office equipment, and promotional expenses.
In addition, business experts say you should not expect a profit for the first eight to ten months, so be sure just click for source give yourself enough of a cushion if you need it.
Projecting Operating Expenses Include salaries, utilities, office supplies, loan payments, taxes, legal services, and insurance premiums, and don't forget to include your apologise, casino x bonus code 2020 authoritative living expenses.
Your business must not only meet its own needs but make sure it meets yours as well.
Projecting Income One of the most important skills you will need is knowing how to estimate your sales on a daily and monthly basis.
From the sales estimates, you can develop projected income statements, break-even points, and cash-flow statements.
Use your marketing research to estimate the initial sales volume.
Determining Cash Flow Working capital - not profits - pays your bills.
Even though your assets may look great on the balance sheet, if your cash is tied up in receivables or equipment, your business is technically insolvent.
In other words, you're broke.
Make a list of all anticipated expenses and projected income for each week and month.
If you see a cash-flow crisis developing, cut back on everything but the necessities.
If a home-based business is in your future, then a tax professional can help.
Don't hesitate to call if you need assistance setting-up your business or making sure you have the proper documentation in place to satisfy the IRS.
The business mileage rate decreased one half of a cent for business travel driven and three cents for medical and certain moving expense from the rates for 2019.
The charitable rate is set by statute and remains unchanged.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas, and oil.
The rate for medical and moving purposes is based on the variable costs, such as gas and oil.
The charitable rate is set by law.
Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.
Prior to tax reform, these optional standard mileage rates were used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
However, it is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.
Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method https://sellingonthenet.info/2020/jackpot-slots-2020.html the Modified Accelerated Cost Recovery System MACRS or after claiming a Section 179 deduction for that vehicle.
In addition, the business standard mileage rate cannot be used for more than five vehicles used simultaneously.
Please call if you need additional information about these and other special rules.
If you have any questions about standard mileage rates or which driving activities you should plus no bonus codes dec 2020 track of as the new tax year begins, do not hesitate to contact the office.
Reminder: Use Correct Forms to Pay Employment Taxes Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer's Annual Federal Tax Return and Form 941, Employer's Quarterly Federal Tax Return.
A small business files one or the other; these two forms are not interchangeable and the employer should never flip-flop between the two forms on their own.
They should always file in accordance with their designated filing requirements.
Let's take a look at the differences between these forms.
Form 944, Employer's Annual Federal Tax Return This form is for our smallest employers to file and pay the above-mentioned taxes only once a opinion world poker tour players 2020 remarkable, instead of quarterly.
Once the employer receives notice they can file Form 944, they must file this form every year.
They must continue to file Form 944, regardless of the tax they owe, unless the IRS notifies them differently.
Form 941, Employer's Quarterly Federal Tax Return Employers use Form 941 to report income irs gambling losses 2020 withheld from employee's paychecks and pay the employer's portion of Social Security or Medicare tax.
In addition, if the IRS advises the employer to file Form 941 quarterly return, they must do so.
If you're a small business owner who isn't sure which form they should file, don't hesitate to call.
Opportunity Zone Guidance Finalized Final regulations were recently issued regarding details about investment in qualified opportunity zones QOZ that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019.
The final regulations provide additional guidance for taxpayers who are eligible to make an election to temporarily defer the inclusion in gross income of certain eligible gain.
The final regulations also address the ability of such taxpayers' eligibility to increase the basis in their qualifying investment equal to the fair market value of the investment on the date that it is sold, after holding the equity interest for at least 10 years.
Here's what it means for taxpayers investing in qualified opportunity zones: The statute permits the deferral of all or part of a gain that would otherwise be included in income if corresponding amounts are invested into a Click />The gain is deferred until an inclusion event or Dec.
Furthermore, the final regulations provide a list of inclusion events and provide guidance that allows taxpayers to determine the amount of income that must be included at the time of the inclusion event or December 31, 2026.
Also addressed are the various requirements that must be met to qualify as a QOF, as well as the requirements that an entity must meet to qualify as a QOZ business.
Specifically, how an entity becomes a QOF or QOZ business and the rules regarding the requirement that a QOF or QOZ business engage in a trade or business.
The final regulations also retain the general approach of the proposed regulations while providing additional guidance and clarification regarding the rules regarding QOZ business property.
Related forms, instructions, and other information taxpayers need to take advantage of this update are available in January 2020.
For more information about this and other TCJA provisions, please contact the office for assistance.
Tax Planning Includes Keeping Good Records It's January and tax season is right around the corner.
For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns.
If this describes you, chances are, you're wishing you'd kept on top of it during the year so you could avoid this scenario yet again.
With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year: 1.
Taxpayers should develop a system that keeps all their important info together.
They can use a software program for electronic recordkeeping.
They could also store paper documents in labeled folders.
Throughout the year, they should add tax records to their files as they receive them.
Having records readily at hand makes poker 2020 a tax return easier.
It may also help them discover potentially overlooked deductions or credits.
Taxpayers should notify the IRS if their address changes.
They should also notify the Social Security Administration of a legal name change to avoid a delay in processing their tax return.
Records that taxpayers should keep include receipts, canceled checks, and other documents that support income, a deduction, or a credit on a tax return.
Taxpayers should also keep records relating to property they dispose of or sell.
They must keep these records to figure their basis for computing gain or loss.
In general, the IRS suggests that taxpayers keep records for three years from the date they filed the return.
For business taxpayers, there's no particular method of bookkeeping they must use.
However, taxpayers should find a method that clearly and accurately reflects their gross income and expenses.
The records should confirm income and expenses.
Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.
Well-organized records make it easier for taxpayers to prepare their tax returns.
Good recordkeeping also helps provides answers in the event that a taxpayer's return is selected for examination or if the taxpayer receives an IRS notice.
If you need help setting up a recordkeeping system that works for you, don't hesitate to call.
Watch Out for Gift Card Scams There's never an off-season when it comes to scammers and thieves who want to trick people to scam them out of money, steal their personal information, or talk them into engaging in questionable behavior with their taxes.
While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long.
For example, gift card scams are currently on the rise and there are many reports of taxpayers being asked to pay a fake tax bill through the purchase of gift cards.
Scammers are continuously perfecting their tricks and sometimes it is irs gambling losses 2020 to determine if it is really the IRS calling.
Keeping this in mind, taxpayers should be reminded that the IRS will never do the following: Call to demand immediate payment using a specific payment method such as irs gambling losses 2020 prepaid debit card, gift card or wire transfer.
Generally, the IRS will first mail a bill to any taxpayer who owes taxes.
Demand that taxpayers pay taxes without the opportunity to question or appeal the amount they owe.
All taxpayers should be aware of their rights.
Threaten to bring in local police, immigration officers or other law-enforcement to have the taxpayer arrested for not paying.
Revoke the taxpayer's driver's license, business licenses, or immigration status.
People who believe they've been targeted by a scammer should contact the Treasury Inspector General for Tax Administration to report a phone scam.
Use their IRS Impersonation Scam Reporting web page or call 800-366-4484.
Phone scams should also be reported to the Federal Trade Commission.
Use the FTC Complaint Assistant on FTC.
Unsolicited email claiming to be from the IRS, or an IRS-related component like the Electronic Federal Tax Payment System, should be reported to the IRS at irs gambling losses 2020 irs.
Tax Due Dates for January 2020 During January All employers - Give your employees their copies of Form W-2 for 2019 by January 31, 2020.
If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31.
January 10 Employees - who work for tips.
You can use Form 4070, Employee's Report of Tips to Employer.
January 15 Employers - Social Security, Medicare, and withheld income tax.
If the monthly deposit rule applies, deposit the tax for payments in December 2019.
Individuals - Make a payment of your estimated tax for 2019 if you did not pay your income tax for the year through withholding or did not pay in enough tax that way.
This is the final installment date for 2019 estimated tax.
However, you do not have to make this payment if you file your 2019 return Form 1040 or Form 1040-SR and pay any tax due by January 31, 2020.
Employers - Nonpayroll Withholding.
If the monthly deposit rule applies, deposit the tax for payments in December 2019.
Farmers and Fisherman - Pay your estimated tax for 2019 using Form 1040-ES.
You have until April 15 to file your 2019 income tax return Form 1040 or Form 1040-SR.
If you do not pay your estimated tax by January 15, you must file your 2019 return and pay any tax due by March 2, 2020, to avoid an estimated tax penalty.
January 31 Employers - Federal unemployment tax.
File Form 940 for 2019.
However, if you already deposited the tax for the year in full and on time, you have until February 10 to file the return.
Farm Employers - File Form 943 to report social security and Medicare taxes and withheld income tax for 2019.
Deposit or pay any undeposited tax under the accuracy of deposit rules.
If you deposited the tax for the year in full and on time, you have until February 10 to file the return.
Certain Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2019.
Deposit or pay any undeposited tax under the accuracy of deposit rules.
If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
Employers - Social Security, Medicare, and withheld income tax.
File Form 941 for the fourth quarter of 2019.
Deposit any undeposited tax.
If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.
Employers - Nonpayroll taxes.
File Form 945 to report income tax withheld for 2019 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members.
Deposit any undeposited tax.
If you deposited the tax for the year in full and on time, you have until February 10 to file the return.
Payers of Gambling Winnings - If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W-2G.
Employers - Give your employees their copies of Form W-2 for 2019.
If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee.
Businesses casino 2020 online philippines Give annual information statements to recipients of certain payments made during 2019.
You can use the appropriate version of Form 1099 or other information return.
Form 1099 can be issued electronically with the consent of the recipient.
This due date only applies to certain types of irs gambling losses 2020 />Individuals - who must make estimated tax payments.
If you did not pay your last installment of estimated tax by January 15, you may choose but are not required to file your income tax return Form 1040 or Form 1040-SR for 2019 by January 31.
Filing your return and paying any tax due by January 31, 2020, prevents any penalty for late payment of the last installment.
If you cannot file and pay your tax by January 31, file and pay your tax by April 15, 2020.
Copyright © 2020 All materials contained in this document are protected by U.
All other trade names, trademarks, registeredtrademarks and service marks are the property of their respective owners.
How to Pay The IRS Taxes on Sports Betting
In 2020, the deduction threshold for deductible medical expenses is 7.5.. The IRS released a draft Form 1040 for 2019 tax returns that has been. Taxpayers who itemize can deduct gambling losses up to the amount of gambling winnings.
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