Do you enjoy recreational gambling? Uncle Sam doesn’t mind if you do, but he sure wants in on the action! As many gamblers have discovered the hard way, they owe taxes even though they have zero net gambling income. That’s right. Even if you break even after a night at the casino, you can still wind up with a hefty tax bill! How should you play your cards if you’re off … [Read more...]
Gambling
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Good news for gamblers!
If you’re in the business of gambling, you just got lucky. You see, the Tax Court, in a new precedent-setting case, has decided that you may now deduct business expenses in excess of gambling losses! Before you head off to Vegas or Atlantic City, read my fact-filled article titled Tax Tips: New Tax Court Ruling Makes Gamblers Rejoice. Three ways our fact-filled article can … [Read more...]