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2001 Income Taxes Article
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With Income Taxes Gambling Losses, Are they Good or Bad?
from:Many times when people go to file their taxes, they find that they have more deductions that the average person; some of them good and some are not so good!
Many times when people take their taxes to a professional tax company, they find that many people have in their income taxes, gambling losses. In fact, many times for their income taxes gambling losses help lower their annual income or amount owed.
When it comes to your income taxes, gambling losses do not have to be claimed. However, when you win any amount of gain must be claimed on your taxes. In fact, if you do not claim any of your winning, you could be prosecuted. It is against the law to not claim all of your income, even if it does come from gambling! When it comes to income taxes gambling losses and gains, there are many different types of losses you can have. In fact, you may have gains or losses from the lottery, raffles, dog and horse tracks, and casinos. In addition, you will have to collect taxes on things that are won as prizes, as well, such as cars, boats, trips, or even houses.
Most often when people file their own income taxes, they are not aware that there is a spot on the forms for gambling write-offs; unless they have used it in previous years. However, when filing your income taxes gambling losses, there is usually a separate spot for putting your losses. In fact, on the forms they are usually put in line 27, on Schedule A (form 1040). However, when deducting your losses you cannot deduct more than your winnings. Therefore, if you go to a casino on a regular basis, it would be a good idea to keep a sharp record of what you make to what you lose; perhaps in a book of some sort.
When you have a professional file your income taxes for you, sometimes it makes you feel even worse to see the amounts that you won or lost were in someone else's hands, as well. By that, someone else will see what your income taxes gambling losses were, for the year. In fact, in some cases having a professional file their taxes for them, addicted gamblers come to face with their problems because they are so ashamed of what they spent! For many gamblers, that year is the last year they gambled!
Whether you are a habitual gambler or occasionally go gambling, having gambling losses may help you during the tax season! However, you may want to make sure that your loses are not higher than your gains, because that may end up hurting you even more!!
2001 Income Taxes News
Obama to Continue Bush's Tax-Cutting Orgy? - AlterNet
 Washington Post | Obama to Continue Bush's Tax-Cutting Orgy? AlterNet, CA - The Bush administration has been on an extravagant orgy of tax-cutting. Taxes were cut in 2001 by $1.35 trillion over 10 years. In 2003, they were reduced ... Video: Obama to Bring Accountability to Spending Plan Editorial: Tax cuts work best to stimulate economy Obama Eyes $300 Billion Tax Cut |
Local councilman sentenced for tax evasion - Dayton Daily News
Local councilman sentenced for tax evasion Dayton Daily News, OH - According to the IRS, Philpott shortly thereafter directed his accountant to prepare and file his 2000 and 2001 federal income tax returns, excluding income ... |
Many Taxpayers Stand to Gain From New Laws - MarketWatch
Many Taxpayers Stand to Gain From New Laws MarketWatch - Many Americans who live and work abroad are eligible to exclude a certain amount of their pay from US income taxes. The so-called foreign earned income ... |
Economic Recovery: How Best to End the Recession - Heritage.org
 Voice of America | Economic Recovery: How Best to End the Recession Heritage.org, DC - However, the new growth in jobs and output would expand the tax base for personal income taxes by $276 billion and for corporate income taxes by $55 billion ... Economic Stimulus: Dos and Don'ts |
US Chamber opposes second New Deal by Obama - Bizjournals.com
US Chamber opposes second New Deal by Obama Bizjournals.com, NC - John McCain, R-Ariz., and some business advocates to cut federal corporate income tax rates from 35 percent to 25 percent. Advocates say that would put the ... |
Judd Gregg's dubious tax math - TIME
Judd Gregg's dubious tax math TIME - The percentage of federal income taxes was 86%. That's a quibble, and both these percentages are in fact higher than they were at any time in 1990s, ... |