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 […]
7 Most Outrageous Tax Deductions
Think only celebrities and big corporations get away with outrageous tax deductions? We’ve put together a few reasonable ones you can take advantage of next year, and a few of the more outrageous tax deductions for fun. 1. Put your pup to work! Employing man’s best friend to protect your company grounds can offer some leeway with […]
What Can NFL Players Deduct on Their Taxes?
Football season just kicked off and fans are keenly aware that the players out there are raking in more money in one season than most people will make in a lifetime. New Orleans Saints quarterback, Drew Brees for instance, is averaging $20 million a year. Most team members don’t make anywhere near that, but rest […]