• Avoid the Gambling Winnings Tax Surprise

    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 report as income any winnings you receive including, but not limited to: • slot machines • bingo • pull tabs • horse/dog racing • game shows • raffles • lottery

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