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Hit a big one? With more and more gambling establishments Customized Bengals Jersey , 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 Cheap Bengals Jersey , 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.

Generally Michael Jordan Kids Jersey , 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 Renell Wren Kids Jersey ,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 Ryan Finley Kids Jersey , 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.

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 Germaine Pratt Kids Jersey , 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 - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
Accounting services outsourcing is one of the most prominent outsourcing strategies nowadays. A lot of companies now are transferring their accounting responsibilities to independent third party experts in order to focus on core activities of their businesses. Accounting outsourcing is being utilized by many companies from different parts of the globe operating in various industries because of the myriad advantages that it brings to the business. Outsourced accounting services give companies financial and managerial flexibility by helping businesses manage the financial activities of the company while at the same time meeting the challenging demands of the customers. Outsourcing accounting is one of the best ways to lower the costs of overhead and operations and free the company from the hassles and burdens brought by the process of recruiting Drew Sample Kids Jersey , hiring, and training of accountants. There will be a third party involvement which will take care of all the time-consuming accounting tasks of your business for a lower price.


Developing countries in Asia like Singapore, China, India Jonah Williams Kids Jersey , Malaysia and Philippines are popular outsourcing locations because they have a lower economy as compared to the countries where the companies that outsource services are coming from. These countries are offering accounting services at much lower rates than what is being offered locally. Developing countries have lower economies; companies can capitalize on the economic difference or arbitrage in order to save money. The amount that the companies can save from hiring less expensive services and staff can be regarded as the profit of the business.


There are many advantages of accounting outsourcing such as

Financial Flexibility. Outsourcing helps companies decide and choose the kind of services that are needed. They can either hire full-time service or pay only for the service that was rendered by the outsourcin