Welcome to Income Taxes Idea Guide
Stop Paying Income Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
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!!
Stop Paying Income Taxes News
Comments (8) (Cape May County Herald)
To The Editor: I read with interest the letter to the editor in the Dec. 3 issue from a West Wildwood resident. The topic was about West Wildwood Commissioner Scott Golden being accused of not paying his property taxes here.
Read more...SMSes for Thurs 8 Jan 09 (The Namibian)
* ACCORDING to The Namibian of today [Wednesday] the US and Germany are to cut taxes. If David Cameron gets in, the UK will also cut taxes. But according to the Ministry of Finance they will tax everybody on interest from March.
Read more...READERS' VIEWS 8/1 (Rugby Observer)
I BELIEVE that Stagecoach will shoot themselves in the foot if they reduce the regular and well used bus service to the railway station. I use this service regularly because it is so frequent, and on nearly every occasion there are other passengers joining or alighting at the station stop.
Read more...Obama's Stimulus: A Jump-Start for His Long-Term Agenda? (Time Magazine)
Instead of temporary measures meant to prop up the sagging economy over just the next two years, much of what has been proposed so far looks like a laundry list of the President-elect's campaign promises
Read more...Marbella’s Billionaire Spent Bribes on Tiger-Guarded Stud Farm (Bloomberg)
Jan. 7 (Bloomberg) -- As an urban planning adviser in the sun- drenched Spanish resort town of Marbella, Juan Antonio Roca had after- tax income of less than 150,000 euros a year.
Read more...Memo to Washington: Here's how to help retirees (Money via Yahoo! Finance)
When it comes to retirement, I've got a whole laundry list of issues I wish President-elect Barack Obama and his counterparts in Congress would tackle as soon as they are sworn in this month.
Read more...