Article Highlights Gambling winnings must be reported as taxable income. Gambling losses may be deducted as an itemized deduction. Losses cannot exceed winnings. Losses must be documented. Winnings must include all winnings not just those shown on a W-2G. Good news...You can! However, the bad news is that gambling losses are only deductible up to the amount of your … [Read more...] about So You Want To Deduct Your Gambling Losses?
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Tax Benefits for Military Personnel
If you’re a member of the U.S. Armed Forces, there are many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. Here are some of the more prominent of those benefits: Combat Pay Exclusion—If you are an … [Read more...] about Tax Benefits for Military Personnel
It’s Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment and are fully prepared, you’ll have more time to: Consider every … [Read more...] about It’s Tax Time! Are You Ready?