Do I Need to File a Federal Tax Return? More than 43% of Americans don’t have to file a federal tax return. Are you one of them? While the IRS expects to receive more than 150 million tax returns this year, it is estimated that nearly 43% of Americans don’t have to file a federal […]
Tax Planning
Tips to Help Understand and Avoid Tax Scams
You’ve just received a notice from the IRS. It indicates that, after multiple attempts to get in touch with you, they are going to levy you. You start to panic; you don’t remember the IRS ever attempting to reach out to you. Maybe you’ve never even owed a tax liability. After calling the number on […]
Gambling Taxes & Casino Win-Loss Statements
In the last thirty years, gambling has changed its image from a quasi-legal activity to a major player in the economy. The IRS has responded accordingly, now requiring gambling winnings to be reported as a source of income, with losses deductible only to the extent of winnings. A professional gambler, or someone who gambles often […]
Save Tax Green By Going Green
If you are eco-conscious, you probably sort your disposables for recycling, wash your clothes in cold water, carry reusable shopping bags to the grocery or perform other environmentally-friendly actions. But did you know that you may also be eligible to receive tax credits and deductions from Uncle Sam? While tax breaks for going green are […]
Tax Tips to Lower Taxes on Lotto Winnings
Who wins after every lotto draw? The taxman does, of course! Optima Tax Relief wants to help you save by providing tips for lowering taxes on your lotto winnings. How Much Are Lotto Winnings Taxed? Not only is the lottery a tax on people who are bad at math –US lotteries generally only pay out […]
Tax Deductions for Professional Gamblers
What could be better than winning $8.3 million at the World Series of Poker next week? Not paying taxes on all $8.3 million. Since a federal court ruling two years ago, there are tax deductions for professional gamblers similar to those for self-employed contractors and small businesses. Expenses like travel, meals, and lodging can be cut from […]