There It Is: The Taxpayer Bill For Miss America
There she is: Miss America was back in Atlantic City this year. The cost to return the pageant to the boardwalk was not insignificant. Who picks up the tab?
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7 Ways Not To Pay Down Your Tax Debt
You’ve prepped, organized and you’re finally ready to file your federal income taxes. That is, except for one tiny little problem: you may be staring down a tax obligation that’s a bit bigger than what’s in your bank account. What now? You have options but not all of them are equally good. Here are seven…
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Pay Taxes On Your Super Bowl XLVII Winnings? You Can Bet On It
This year, you can bet on everything from the winning team to who will score first and which Harbaugh brother – or both – will sport a cap during the game. What does all of this mean come tax time?
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Best Night Of Baseball Ever: You Can Bet On It
So wow. I hope you stayed up last night – like I did – to catch those baseball games. And by those baseball games, I mean a set of four baseball games that made up what was possibly the greatest night in baseball regular league play. If you didn’t catch it, I highly recommend you…
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Ask The Taxgirl: Gambling Winnings & Losses
Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00.It was reported on a w-2g I did not file a sched. A.How can I report my gambling loss of up to 2500.00Since I have already filed the 1040ez.Or…
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It Really IS Whether You Win or Lose – And Not Just How You Play The Game
When it comes to Super Bowl, folks think chili, beer and commercials. They also think gambling. It’s one of those games that inspires a lot of big money, sure, but also enormous numbers of side bets and the ubiquitous office pools. What does gambling have to do with tax? Plenty. Gambling winnings, no matter whether…
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I’ll See Your 1099 And I’ll Call… My Lawyer
You’ve always known that you’re supposed to report your gambling winnings on your taxes, right? Well, the IRS is making it a little easier (for them) to make sure that happens. Beginning March 4, 2008, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue…
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Taxgirl Goes To The Movies: Trading Places
Next in my movie review series is one of my favorite movies, Trading Places, and not just because it was filmed in Philadelphia. While the plot is quite contrived, the acting is really funny – it’s Eddie Murphy back when he remembered what being a comedian meant. And Jamie Lee Curtis? This was just the…
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Tocchet Takes a Hit
I know, my husband is probably hunched over his PowerBook in disbelief (though probably also mumbling that Tocchet never won us a championship…) about Rick Tocchet. As previously reported, former Philadelphia Flyers star Rick Tocchet has been charged with masterminding an elaborate and illegal gambling ring in New Jersey. The charges could have landed him…
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Fix The Tax Code Friday: Gambling Losses
It’s Fix the Tax Code Friday! Casinos are headed to Pennsylvania and many other states this year as revenue raisers for state governments. Winnings are taxable. If you lose, you can only deduct to the extent of your winnings and only if you itemize. This week’s question: Should gambling losses be deductible? Should there be…