Freedom Financial Accounting Solutions

08/12/2026

🎰 BIG CHANGE FOR GAMBLERS — TAX YEAR 2026

If you have gambling winnings, there’s an important tax law change you need to know about for 2026.

Starting with tax year 2026, the federal deduction for gambling losses is limited to 90% of your gambling losses, and the deduction still cannot exceed your gambling winnings.

Example:

If you have:

- $50,000 in gambling winnings
- $50,000 in documented gambling losses

Under the new 2026 rule, you may only be able to deduct $45,000 of those losses — potentially leaving $5,000 of gambling income taxable.

Keep your:
✔️ Casino win/loss statements
✔️ Sportsbook statements
✔️ W-2Gs
✔️ Betting records
✔️ Bank/credit card records
✔️ A detailed personal gambling log

And remember — a W-2G does not necessarily tell the whole story of your gambling activity. Proper documentation of both winnings and losses is critical when preparing your tax return.

If you gamble regularly, 2026 is a year you definitely want to plan for before tax season.

📩 Have questions about how the new gambling loss rules could affect your 2026 tax return? Contact Freedom Financial Accounting Solutions.

07/16/2026

For more information, visit;
https://www.nj.gov/treasury/taxation/ptr/

07/06/2026

🚨 Trump Accounts!

There's been a lot of buzz—but also plenty of confusion. Here are 5 common misconceptions about these new child savings accounts:

⬇️ 1. They're not only for children born after 2025.
Any eligible child under age 18 can open a Trump Account. However, only children born between January 1, 2025, and December 31, 2028 are eligible to receive the government's $1,000 seed contribution.

💰 2. They're intended to encourage long-term savings.
Once the child reaches age 18, the account generally transitions to follow traditional IRA rules, with certain exceptions that may allow earlier access for qualified education expenses, a first-time home purchase, and other qualifying situations.

👨‍👩‍👧 3. More than just parents can contribute.
Parents, grandparents, relatives, friends, and even employers (under separate rules) may contribute after-tax dollars, subject to the annual contribution limit.

📈 4. They aren't completely tax-free.
The account grows tax-deferred, not tax-free. Depending on the type of contribution and investment earnings, withdrawals or conversions may result in taxable income.

🌟 5. A Roth conversion could provide significant long-term benefits.
After age 18, some account owners may choose to convert the account to a Roth IRA. While taxes may be due on the taxable portion of the conversion, future qualified Roth earnings and withdrawals could be tax-free.

07/04/2026

07/03/2026

📊 Halfway Through the Year – Have You Checked In on Your Finances?

We're officially halfway through the year, making now the perfect time to take a closer look at your business finances.

A mid-year review can help you:
✔️ Make sure you're on track with your income and expenses.
✔️ Identify opportunities to reduce your tax liability before year-end.
✔️ Catch bookkeeping errors before they become bigger problems.
✔️ Plan for upcoming tax payments and improve cash flow.
✔️ Finish the year stronger than you started.

Don't wait until tax season to find out where you stand. A little planning now can save you time, money, and stress later.

If you need help with bookkeeping, tax planning, or accounting services, we're here to help. Let's make the second half of the year your strongest yet!

06/30/2026

Beginning July 4, taxpayers can begin making contributions to Trump Accounts, the new child-focused savings created under IRC Section 530A as part of the One Big Beautiful Bill Act (OBBBA).

Ahead of the launch, the IRS issued Rev. Proc. 2026-25, providing important guidance on a common question from parents, grandparents, and other contributors:

Will contributing to a Trump Account require filing a gift tax return?

The answer is: not necessarily.

Under the new guidance, many individual donors will not be required to file Form 709 solely because they make qualifying contributions to a Trump Account.

This clarification is significant because funds in Trump Accounts are generally restricted until the beneficiary reaches age 18. Normally, the annual gift tax exclusion applies only to gifts of a present interest—meaning the recipient has an immediate right to use or enjoy the gift. Without this guidance, contributions to these restricted accounts could have triggered Form 709 filing requirements even when no gift tax was actually owed.

The safe harbor generally applies if:
• The donor is an individual.
• The donor's only taxable gifts for the year are qualifying cash contributions to Trump Accounts.
• Total contributions for each beneficiary do not exceed the annual gift tax exclusion.
• The donor is not otherwise required to file Form 709.

For 2026, the annual gift tax exclusion is $19,000 per beneficiary.

The IRS also emphasizes that this is not a blanket rule. If a donor exceeds the annual exclusion, makes other reportable gifts, or has another reason to file Form 709, the safe harbor may not apply.

Anyone planning to contribute should review the rules carefully—especially if they are making additional gifts to the same child during the year.

06/24/2026

Financial challenges can happen to anyone, but the right plan can make all the difference. At Freedom Financial, we help individuals and businesses navigate tax issues, payment plans, bookkeeping, financial organization, and more.

Whether you're dealing with IRS notices, need help getting your finances back on track, or simply want guidance for a stronger financial future, we're here to help.

✅ Personalized Solutions
✅ Professional Guidance
✅ Stress-Free Financial Planning
✅ Support Every Step of the Way

Don't let financial stress hold you back. Contact us today and take the first step toward financial confidence and peace of mind.

05/28/2026

Today’s the day!

You can officially make your election to open a Trump Account at trumpaccounts.gov. 🇺🇲

A Trump Account is a long-term investment account designed to help families save and invest for a child’s future through tax-advantaged growth and personal contributions over time.

Learn more and get started at trumpaccounts.gov.

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

05/26/2026

Summer camp season is here — and it could help lower your taxes. ☀️🏕️

If you pay for summer day camp so you can work or look for work, you may qualify for the Child and Dependent Care Credit.

Here’s what counts:
✔️ Day camps and summer programs
✔️ Before/after care connected to camp
✔️ Care for children under age 13

What doesn’t count:
❌ Overnight camps
❌ Sports lessons or tutoring by themselves

Keeping receipts and camp provider information now can make tax time much easier later.

Have questions about tax credits your family may qualify for? We’re here to help ☺️

04/15/2026

HAPPY TAX DAY!