Can You Deduct Gambling Losses on Your Taxes? Here’s What the IRS—and Your State—Wants to See You hit the jackpot—or maybe you didn’t. Either way, if gambling played a role in your finances last year, the IRS wants a look. Yes, gambling winnings are taxable. Every dollar. But what about your losses? Can you deduct …
Are Self-Employed Individuals’ Chances of Being Audited Higher? The Fear of an Audit Nobody wants to receive that dreaded letter from the IRS. If you’re self-employed, you may have heard that your chances of being audited are higher. Is that true? Unfortunately, yes. The IRS tends to scrutinize self-employed individuals more closely. But why? And …
Are Self-Employed Individuals’ Chances of Being Audited Higher? Read More »
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Today’s Tax Propaganda: Suspension and Driver’s Licenses! “Did you know that the Massachusetts Department of Revenue suspends your driver’s license if you fail to file your tax returns or fail to pay your taxes? Then the state suspends your car registration – including the cars registered to you that your family members drive!” Don’t wait …
Today’s Tax Propaganda: Suspension of Driver’s Licenses! Read More »
Today’s Tax Propaganda: Divorce and Taxes and YOU! Did you know that the MOST important document in your divorce is the “The Financial Statement?” WARNING: If you own your own business or own investment real estate,“The Financial Statement” is more complicated than it looks! It requires: 1. Info from Schedule C and Schedule E on …
Today’s Tax Propaganda: Divorce and Taxes and YOU! Read More »
