“Game On: TCJA Winners and Losers— Business on the Chopping Block” To get my complete articlewith all the details… Warning: The tax landscape is about to shift dramatically. The TCJA provisions expiring in 2025 could substantially increase your tax burden overnight. Are you prepared for: Your qualified business income deduction (worth up to 20% of your profits) … [Read more...]
Gambling
Sorted by Date
Odds Are the Tax Law Doesn’t Consider You a Professional Gambler
“Odds Are the Tax Law Doesn’tConsider You a Professional Gambler” To get my complete, FREE articlewith all the details… Here’s a fact that many people don’t know... Tax law treats gamblers unfairly. Although not a buddy of the professional gambler, tax law does treat the professional far better than the recreational gambler. The professional gambler is in the … [Read more...]
Don’t Let Your Recreational Gambling Create a Tax Nightmare
“Don’t Let Your Recreational GamblingCreate a Tax Nightmare” To get my complete, FREE articlewith all the details… For starters, check out the federal income tax rulesthat possibly affect you. These are the tax rules that govern your gambling. Be sure you understand them! Your winnings are “above-the-line” taxable. Your losses are … [Read more...]
Tax reform deals professional gamblers a losing hand
If you’re a professional gambler, I sure hope you’re on a lucky streak. Because if you’re not, tax reform just cost you a lot of money. To put this simply, lawmakers were never the professional gambler’s friend, but now, thanks to tax reform changes, your government is even less willing to cut you a break. My advice? Before you head over to the casino, take a minute and … [Read more...]
Important tax facts if you gamble
If you’re a professional gambler, Uncle Sam will cut you some slack. But if you’re just a casual gambler, you better not bet on the IRS to make things easy for you. In fact, if you play your cards the wrong way, you could wind up an odds-on loser. My advice? Before you head over to your favorite casino, take a moment and read my new article titled Tax Tips: Q&A: Find … [Read more...]