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Alan Williams
Registered Representative
Williams Tax & Financial Services
Wallingford, CT 06492
Phone: 203-294-1040
Fax: 203-949-1788
Email: awilliams@williamstaxandfinance.com
November/December 2025
Surprise - It's Taxable!
It's almost that time of year when you and the IRS must settle what you owe — or what the government owes you. Before you prepare your tax return, consider whether you'll need to include any of the taxable items listed below.
- Social Security benefits
- Unemployment benefits
- Portion of a scholarship that covers expenses other than tuition, fees, and books (e.g., room and board, travel, etc.)
- Canceled debt from credit cards, car loans and mortgages (Student loan debt is exempt.)
- Honors with cash prizes
- Certain alimony payments
- Gambling winnings (lotteries, horse racing, casinos, sports betting, etc.) Some losses are deductible.
- Gifts from an employer that reward an employee for services or help promote the company
- Found property
- Bartered property or services in lieu of cash
Consult your team of trusted advisors to determine which items you should include when preparing your income tax return for 2025.
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Williams Tax & Financial Services and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
Securities offered through Cetera Wealth Services LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any
other named entity. Rebalancing may be a taxable event. Before you take any specific action be sure to consult with your tax professional. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.
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