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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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Gambling Income and Expenses - Taxes
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.
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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.
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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
About That Tax Rebate Check...
by Carl LaFresnaye
You're getting a tax rebate check! Lucky you! I'm sure you're already planning how to spend it – who wouldn't? There are plenty of ways to spend it – and a lot of things you can do in the meantime, while... How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will... If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the... 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... 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...
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Index of Articles about Taxes
What Other Authors say about Taxes
About That Tax Rebate Check...
by Carl LaFresnaye
You're getting a tax rebate check! Lucky you! I'm sure you're already planning how to spend it – who wouldn't? There are plenty of ways to spend it – and a lot of things you can do in the meantime, while... How did you spend your last tax day? In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will... If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the... 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... 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... |
