Tax and Tax Information

The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Greenwood Village, Colorado, and its international marketing and commercial services headquarters are in Montvale, New Jersey. Until it discontinued the service, Western Union was the best known US company in the business of exchanging telegrams.

Western Union has a number of divisions, with products such as person-to-person money transfer, money orders, and commercial services. As of September 9, 2000, the company has 350,000 Western Union agent locations in over 240 countries and territories.

CPA Moms will transfer your tax refund to a Western Union Office near you. Pick your Tax Refund in Cash.

     

Tax and Tax Information - Gambling Taxes

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Tax and Tax Information * Gambling Taxes

Gambling Income and Expenses - Taxes   
Richard A. Chapo

Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.

Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.

Article to continue below----------------------------------------------

U.S. Sales Tax Rates Hit Record High (Forbes)
Shopping blues: Top tax 12%. Chicago's 10.25% highest big-city rate. More Internet tax fights loom.

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Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.

The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.

Article to continue below----------------------------------------------

Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.
New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.

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It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

Face it, the IRS gets you coming and going. Well, I'm off to play poker.


Richard Chapo is CEO of <strong>Business Tax Recovery</strong> - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.

What Other Authors say about Taxes

Why Do We Pay Taxes? by Carl LaFresnaye

As Benjamin Franklin famously said, nothing is certain except death and taxes. But where do taxes come from, and do we really need them? A History of Taxes The first recorded use of taxation was...

What Is An Inheritance Tax And When Is It Applied? by Gray Rollins

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Index of Articles about Taxes

What Other Authors say about Taxes

Why Do We Pay Taxes? by Carl LaFresnaye

As Benjamin Franklin famously said, nothing is certain except death and taxes. But where do taxes come from, and do we really need them? A History of Taxes The first recorded use of taxation was...

What Is An Inheritance Tax And When Is It Applied? by Gray Rollins

When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...

Use Child Tax Credit for Tax Savings by Keith Hoyng

Now, here's a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal...

Use Tax Credits To Help Finance Your College Education by P. Nash

Students are always on the lookout for ways to help pay or offset the cost of their tuition. There are various government grants and scholarships available to you if you qualify. But what if you don't...

Do You Know When To File A Tax Return? by Ken Snowie

Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated?...

Advice on Internal Revenue Service Audits by Roni Deutch

It is important to keep in mind that the IRS computer system selects the returns that are audited, not human employees. The computer system selects returns that are likely to yield the most money to the...

Tax Preparation and Electronic Tax Preparation Options by Amber Lowery

Just in time for tax season you will find yourself presented with this years editions of popular tax preparation programs that promise to make tax filing a breeze for the average person. Which one is right...

A History of the Income Tax in the U.S. by Garry Gamber

After the United States declared its independence and fought the Revolutionary War, the U.S. Congress relied on excise taxes on alcohol, tobacco and a few other products for revenue to pay off its war...