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Tag Archives: winnings

Avoid the Gambling Winnings Tax Surprise

It’s your lucky day. You just won $5,000. Are you prepared for the tax event to follow? Here are some things to think about. With the increased popularity of lotteries and casinos, more unsuspecting winners are experiencing a lucky payday only to end up with a huge tax head-ache when filing their income taxes. Here is what you need to know: Look for the warning signs You are required to …Read More

Triple Tax: aka The Lottery

Most everyone enjoys dreaming of winning it big in the lottery. News media outlets publicize the large unclaimed pots of money on the evening news and they put a spotlight on the lucky multi-million dollar winners. Ever wonder what the tax math looks like? The bottom line when seen from a wage stand point is that 75% or more of the income used to play the lottery does not end …Read More