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gambling deductions

The Devil’s in the Deductions-Digging Into the “Big Beautiful Bill”

July 8, 2025 by Bill Bourbonnais

You already know the highlights: the Big Beautiful Bill (BBB) is Congress’s latest effort to stuff 10 pounds of tax cuts into a five-pound bag. It locks in most of the 2017 Tax Cuts and Jobs Act. Marginal rates stay low. The standard deduction stays chunky. The qualified business income deduction lives to fight another day. Cue the confetti (and another round of Roth conversions while you’re at it).

Filed Under: taxes, TCJA Tagged With: 2025 tax law, Big Beautiful Bill, capital gains, gambling deductions, IRS, passive income, professional gambler, QSBS, startup taxes, Tax Cuts and Jobs Act, tax reform, tax savings, tax strategy, taxpolicy, taxrelief

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