Sports gambling has grown into a significant industry, with millions engaging in betting activities yearly. With the legalization of sports betting in several states and the expansion...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/11/2023
It may come as a surprise that awards and prizes are taxable. The prize is filed under income tax if a taxpayer receives an award from a competition. This is because the market value...
Posted by Pat Raskob on 11/30/2022
Opening up the business of your choice is not a walk in the park. It is not enough that you have the necessary capital to invest in the type of shop or store that you have been planning...
Definition of Taxable Income:• Taxable income is the portion of your total income that is subject to taxation by the government....
Posted by True Tax Service on 10/30/2023
Almost every gambler looks forward to winning when they bet on a sport. Unknown to most gamblers; however, the taxman also wants his cut. Uncle Sam considers sports betting winning...
Posted by Karen Munoz, EA on 10/30/2021
Running a farm can be cumbersome when you consider several expenses and income sources, credits and deductions, etc., which makes things complicated when it is time to file taxes. Everyone...
State laws generally govern the gaming industry. These laws can be very or less strict, depending on how the state views the industry, and most laws are aimed at promoting responsible...
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Estimated tax is the method some employers use to pay income taxes. When paying income taxes, there are two methods allowed by the IRS; the withholding method or, you guessed it, the...