We all seem to make a little extra time for fun and games sometime during the regular work week. For some, that includes games of chance. If so, knowing the rules of the game can spare us some surprises later on.
The first thing to keep in mind, is that whether you play the ponies, poker or the slots, any gambling winnings are taxable. That includes cash, obviously, but also non-cash prizes, such as merchandise, travel or vehicles.read more
The old line that our friends at the IRS like to throw around is, “All income is taxable – unless the law specifically excludes it.”
And while the first part of that quote is generally the way many of us view the income tax process, truth is, there is such a thing as non-taxable income. And it can pay to know the difference between the two.read more
Ah, the world of the "day trader." These hardy individuals cut out the middle man, do their own research into stocks and market trends, and buy and sell their stocks directly online. And if you’ve just joined the DIY trend in investing, we may have some information for you that can save some time and frustration when it comes to doing your first tax return as a budding entry into the world of finance.read more