|
Home / Career
Gambling Income and Expenses - Taxes
By:Richard A. Chapo
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.
Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.
The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
Face it, the IRS gets you coming and going. Well, I’m off to play poker.
ABOUT THE AUTHOR
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
Digg
del.icio.us
Blink
Stumble
Spurl
Reddit
Netscape
Furl
Article Source: http://www.articles2k.com
|
|
| Top Career Articles |
|
|
- 2). Pharmacist Resume Samples Will Help You Create An Unmistakable Resume! By : Robert Marcus
Pharmacist resumes must have information of your experience relevant to the position in a quick and clear format. Employers are interested in a highly qualified person and customer friendly attitude.
Apart from highlighting your qualifications, contact information, experience etc, the following points will provide a hint on how to prepare the resume for a Pharmacist position.
|
- 3). How To Write The Best Teacher Resume You Can By : Laura Adams
It should come as no surprise that there is a currently a shortage of teachers in the United States. This unfortunate trend has been seen for well over a decade. To compound the issue, recent labor studies have predicted that teaching positions will likely continue to grow faster than the national average for the next several years due to recent government regulations to reduce class size and increase educational accountability.
|
- 4). Skilled Workers Needed By Auto Industry By : David Sanders
An auto dealership job may put you on the road to a rewarding career-particularly if you're a veteran. Military veterans have the skills and work ethic needed for many careers.
A new study by Harris Interactive estimates there are more than 100,000 career jobs currently available at auto dealerships across the country. The report also found that auto dealers hired more than 15,000 veterans since January 2004.
|
|
|
- 6). Keys To Getting The Law Enforcement Job You Want By : Don Cirillo
These days, when uncertain economic times are putting many careers in doubt, an increasing number of people are looking to work in law enforcement. And there are very good reasons for this.
As many industries have shrunk, North American communities have steadily increased their budgets for law enforcement. Police officers now enjoy better pay and often outstanding benefits.
|
- 7). Nursing facts that everyone should know By : Suzanne Verita
Most people say it is a career about caring. Others say it is a job about professional administration of medications and cure to patients. Some say it is the duty to work out predicaments by using critical thinking skills.
In whatever way you want to call it, nursing is, indeed, a conglomeration of all these beliefs and the faculty of many other skills.
|
- 8). The Female Firefighter By : Barney Garcia
Firefighting is no longer just the domain of the male. Just like every other career, trade, or profession women have made inroads into this traditionally male territory.
|
- 9). How To Achieve A Balanced And Healthy Lifestyle In Retirement By : Cynthia Barnett
Now that you’ve retired, you have entered an entirely new phase of life, a life filled with new challenges, adventure and hopefully one that brings you complete and total satisfaction. However, if you’re like most people, change isn’t always easy and is sometimes stressful. This stress is completely normal but may be compounded if you don’t learn how to balance all the demands on your time.
|
- 10). Career - Test Your Negotiation Skills By : CD Mohatta
Negotiation is part of every professional’s life. To negotiate, means to arrive at an understanding with another person, so that both of you are satisfied with the results. Do you know what is your skill in negotiation? If not, why not test and find out because most of our interactions demand negotiation. You are negotiating with your love partner about which place to go for dinner.
|
| New Career Articles |
|
|
|
|
|
|
|
|
|
|
|
|
- 7). Are You In The Right Job? By : Garry Zancanaro
If you become known as a person that can be relied upon to get a job done, who is efficient and productive, has initiative and is prepared to accept challenges, and has a positive attitude to your work and your co-workers, you will be considered a great asset by any well run organisation.
|
- 8). Unemployment Blues: Mind Over Mood By : Virginia Bola
Unemployment plays havoc with our emotional system. We take a number of hits all at once: loss of occupational identity, economic pressure, family anxiety, and the humiliation of job search.
|
|
|
|
|
|
|