Article Highlights: WinningsW-2G ReportingLossesSocial Security IncomeHealth Care Insurance Premium SubsidiesMedicare B and D PremiumsOnline Gambling Accounts Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For … [Read more...] about If You Are a Recreational Gambler, HereAre Some Tax Issues You Need to Know
Will Gifts Now Using the Temporarily Increased Gift-Estate ExclusionHarm Estates after 2025?
Article Highlights: Annual Gift ExclusionUnified Gift-Estate ExclusionTax Reform’s Temporary Exclusion IncreaseTaxpayer-Friendly Regulations Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the … [Read more...] about Will Gifts Now Using the Temporarily Increased Gift-Estate ExclusionHarm Estates after 2025?
Do I Qualify for an IRS Offer in Compromise?
If you're facing outstanding tax debt that you cannot pay, you may want to consider looking into an Offer in Compromise from the IRS. Specifically, an Offer in Compromise is an option offered from the IRS to qualifying individuals that allows them to settle tax debt for less than what they actually owe. Unfortunately, there seem to be a lot of misunderstandings about Offers … [Read more...] about Do I Qualify for an IRS Offer in Compromise?
When To Claim a Disaster Loss
Article Highlights: Disaster LossesElectionsNet Operating LossAGI LimitationsPossible Gain Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this … [Read more...] about When To Claim a Disaster Loss
The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?
Article Highlights: Independent ContractorsNon-employee Compensation1099 Filing RequirementDue DatesPenaltiesForm W-9 and 1099 Worksheet If you engage the services of an individual (independent contractor)in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue … [Read more...] about The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?