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Tag Archives: Form 1040
Six Tips on Gambling Income and Losses
Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler. 1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It … Continue reading
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Tagged Form 1040, Form W-2G, Gambling, Hoorfar Law, Internal Revenue Service, IRS
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Five Important Tips on Gambling Income and Losses
Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can … Continue reading
Taxpayers Get More Time to Contribute to IRAs in 2012
You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April … Continue reading
Tax Refunds May Be Applied to Offset Certain Debts
Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are … Continue reading
Deducting Charitable Contributions: Eight Essentials
Donations made to qualified organizations may help reduce the amount of tax you pay. The IRS has eight essential tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction, then … Continue reading