Do You Have to Report Gambling Winnings?
Do You Have to Report Gambling Winnings? Today we are going to talk about whether you must report gambling winnings on your taxes. It’s a simple question, but the answer is a little more complicated. Gambling winnings are reportable on your federal and state income. 1. Can You Deduct Your Losses Against…
IRS Wage Levy? Here’s What to Do
IRS Wage Levy? Here’s What to Do This could affect anyone that earns a paycheck. If you owe federal taxes and have not been able to pay, the IRS can enforce the collection. But if the IRS has garnished (or “levied”) your wages, this means that only part of your wages will be sent…
Extended Tax Deadline to July 31, 2023 (Storm Tax Relief in AR)
Extended Tax Deadline to July 31, 2023 (Storm Tax Relief in AR) For many, this year’s April 18, 2023 tax filing deadline has been extended. See the list below. This extension applies to Arkansas’ storm 2023 victims affected by the tornadoes and severe storms, occurring on March 31. Particularly, the tax extension is…
How to Settle Tax Debts From Gambling Winnings
How to Settle Tax Debts From Gambling Winnings First Basic: Did You Correctly Calculate Your Gambling Income? Many casual gamblers overstate their taxable income from gambling. A lot of taxpayers ask, “Are gambling losses deductible?” Part of the calculation for taxes on gambling is the amount of itemized deductions allowed. In many cases, the…
Don’t Let IRS Block Your Passport!
Don’t Let IRS Block your Passport! (True Story) You have some control over whether your passport travel will be stopped, even if you owe a large amount of IRS taxes. IRS can (and often does) block the issuance or renewal of U.S. Passports for people with “Seriously Delinquent Federal Tax Debt.” That…
How to Handle IRS Audit Notice CP2000
How to Handle IRS Audit Notice CP2000 If you receive an IRS Notice CP2000, what do you do next? An IRS Notice CP2000 means that you are under IRS audit and should be handled seriously and urgently. Remember, being audited can expose you to legal and financial risk. Here is a list…