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On July 4, 2025, President Trump signed the “One Big Beautiful Bill” Act (P.L. 119‑21), which makes the 2017 tax cuts permanent, increases the standard deduction and child tax credit, introduces deductions for tips and overtime, and raises the SALT cap to as much as $40,000
New Cap on Gambling Loss Deductions Starting 2026 As part of the bill, beginning January 1, 2026, gamblers will only be able to deduct 90% of losses against winnings—down from 100%—potentially creating “phantom income” for many
Wildfire Disaster Tax Relief (Jan 11, 2025) Governor Newsom announced a statewide filing and payment deadline extension to October 15, 2025, for 2024 returns and payments affected by Los Angeles wildfires
Residency Audit Ruling by California OTA (June 2, 2025) In a notable unpublished case, the California Office of Tax Appeals ruled that taxpayers maintaining strong ties (e.g., family home, licenses) remain California residents—even if they relocate to Nevada with driver’s licenses and out-of-state property
ENGAGING
EVENTS
Stay updated with our community tax workshops and financial literacy seminars. Join us in our efforts to promote financial empowerment and responsibility.
Estimated Tax 1st Quarter Payment Due for both federal and California estimated taxes
June 15, 2026
Community Tax Workshop
Join us for an interactive tax workshop aimed at simplifying tax processes and maximizing refunds. Open to all community members.
September 15, 2025 3rd Quarter Estimated Tax Payment Due for both California and federal
October 10, 2026
Financial Literacy Seminar
Empower yourself with essential financial knowledge at our upcoming seminar. Learn about budgeting, saving, and planning for the future.
Engage with Our Community
At John Russell & Associates, we are dedicated to fostering a more inclusive and supportive financial environment for all community members. Our team is committed to assisting individuals from diverse backgrounds and ensuring access to essential financial services and resources.
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