In this episode of Keep What's Yours, tax strategist Jeff Zufall and host Josh Gilbert break down the major changes from the recently passed tax legislation they call the "Big Beautiful Bill." They explore the new no-tax-on-tips provision that covers 68 specific occupations - from bartenders to plumbers - with income limits and a $25,000 tip cap. The duo also reveals a significant blow to gamblers: a new rule limiting gambling loss deductions to just 90% of winnings, meaning even heavy losers will now pay taxes on 10% of any wins. Jeff shares real-world stories from helping lottery winners and house prize winners navigate complex tax obligations, including creative loan structures to handle immediate tax burdens. With one in ten Americans now technically millionaires (counting retirement and home equity), they discuss what wealth really means today and debate the age-old lottery question: lump sum or annuity? As sports betting becomes legal in Missouri this December, the timing couldn't be more relevant for understanding these new gambling tax implications.

The IRS reports that small businesses overpay their taxes every year. Stop overpaying - Call Capital Advisory Group at 636-394-5524 today!


New tracks tagged #millionaire statistics 2025