Being a limited partner in a business generally offers liability protection and potential self-employment tax advantages. But it may also trigger the passive activity loss (PAL) rules, which can limit loss deductions for federal income tax purposes. We explain what to know before investing or filing a return reporting partnership losses.

Our pets are a huge part of our lives. But while we are creating legal documents to protect our assets after we die, (or enter long-term care), we may not think about who will take care of our beloved animals. A few high-profile cases have brought attention to options for securing the future of our pets.

Can you deduct the cost of a facelift? How about "Lasik" eye surgery or the cleaning solution for contact lenses? Some of the procedures that pass muster with the IRS may surprise you. Take a look at a chart with eligible and not-eligible medical expenses. There are some unusual qualified expenses that might allow you to get a tax break.

If you've won money gambling, know that gambling winnings are subject to federal and, possibly, state tax. This includes winnings from casinos, lotteries, raffles, sports betting, horse races and other contests. Before you spend your winnings, you should also consider other uses for the money, such as saving it for emergencies, retirement or your child's college education.