Carry Learning Center

Starting January 1, 2026, millions of Americans who gamble will owe federal taxes on money they never actually kept. A provision buried in President Trump’s sweeping tax and spending bill caps gambling loss deductions at 90% of winnings, creating what industry groups call “phantom income” taxation that hits even gamblers who break even or lose [...]

Rising income from tech work can create just as many tax questions as financial opportunities. Whether you’re a salaried developer, independent contractor, or juggling both, the way you report income and choose deductions may have a meaningful impact on how much you actually keep in 2025. The right retirement plan can also turn tax savings [...]

Running a business alone means every financial decision affects both today’s income and tomorrow’s security. Each deductible expense can reduce your current tax bill, but it can also shape how much you’re able to set aside for retirement. In 2025, sole proprietors will continue to report income and expenses through Schedule C, yet small updates, like [...]

Partnership income is not taxed at the entity level. Instead, it flows through to each partner and appears on their individual return, along with deductions and credits that affect self-employment tax and retirement contributions. This is why Schedule K-1 allocations, guaranteed payments, and how income is classified are more than bookkeeping items. They directly determine your [...]

Many people don’t realize that paying too little in estimated taxes throughout the year can lead to an unexpected penalty from the IRS. This underpayment penalty is essentially a charge for not paying enough tax when it’s due, and it can catch you off guard if your income varies or comes in irregularly.  In this quick [...]

Independent contractors face a unique money challenge. They need to handle their own taxes and save for retirement without the help of an employer plan. Every payment they receive must cover both current needs and future goals.  Many freelancers and gig workers stay focused on finding clients or earning more income. But managing taxes wisely can [...]

Do you ever get caught off guard by a year-end tax bill?  Many freelancers, investors, and small-business owners face that same frustration. The good news is there’s a simple, proactive way to avoid it: making estimated tax payments throughout the year. Paying in smaller portions can help steady your cash flow and prevent big surprises at [...]

The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation have jointly released informational copies of the 2025 Form 5500 series, marking annual updates to the mandatory filing requirements for employee benefit plans. These forms serve as the federal government’s primary tool for monitoring the financial health and operations of retirement and welfare [...]

The IRS Criminal Investigation (IRS-CI) division released its fiscal year 2025 annual report showing record-breaking results in uncovering financial crimes. The agency identified $10.59 billion in financial crimes from October 2024 through September 2025, representing a 15.7% increase from the previous year. Tax fraud alone accounted for $4.5 billion of these findings, marking a 111.8% [...]