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The House Always Wins

income, your tax return | June 19, 2015 image description
income, your tax return | June 19, 2015

The one thing you can always count on, whether you’re at the horse track, the casino roulette table, or just cruising the slots, is the fact that the house always wins. If you win or lose – the casino or track always gets its cut.

The same can be said of the IRS.

Let’s cut to the chase: If you win money from any gambling endeavor – lotteries, bingo, horse racing, casinos or sports betting – it’s taxable. This includes cash prizes and the fair market value of prizes like cars and vacations.

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Virtual Currency Subject to Very Real Taxes

income | March 26, 2014 image description
income | March 26, 2014

The Internal Revenue Service has issued a notice on the use of virtual currency that puts the use of the digital dough squarely in taxable territory. The IRS says virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to those transactions that use virtual currency. And there are some very concrete implications.

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March Madness - Payday or Pay Up?

income, your tax return | March 24, 2014 image description
income, your tax return | March 24, 2014

March Madness. The Road to the Final Four. Whatever you call it, the annual NCAA College Basketball tournament captivates millions of sports fans every year. It also pulls in millions more who aren’t basketball fans per se, but get hooked into the drama and competitive stories of the tournament.

The tournament is the Holy Grail for those who look forward to the annual American phenomenon of the Office Pool. The first round got started on Thursday, and there were already a few upsets.

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Capital Gains Explained

income | March 17, 2014 image description
income | March 17, 2014

Once upon a time, the concept of capital gains was pretty much limited to businesses and wealthy taxpayers who had a lot of stuff (assets) they owned for investment purposes. Now, a lot of taxpayers have investments of one kind or another, so the idea of reporting capital gains or losses shouldn’t be so foreign to us. Today, we take a look at the basics of capital gains and losses.

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