Gambling Winnings – The Burns Firm – Advisors of Complex Financial Matters

Do You Know the Tax Consequences of Gambling

February 12th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gambling Winnings, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Records, Tax Rules, Texas CPA, The Burns Firm|Tags: Do I pay tax on gambling winnings, Dop I need to report my gambling winnings, Gambling and Tax, Professional Gambler Treated as a Business, Reporting Gambling Income, tax, tax advisor, Tax Consequences of Gambling, The Burns Firm|

Gambling can be a fun pastime or a serious professional endeavor. Either way, winnings are taxable income. Yet, as recently reported by the Treasury Inspector General for Tax Administration (TIGTA), [...]

Federal Tax News 2025

January 16th, 2025|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gambling Winnings, Health Savings Account, Social Security, Social Security Benefits, Social Security Tax, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: 2025 Federal Tax News, 2025 Federal Tax Updates, CPA Dallas, cpa near me, Gambling Winnings Are Taxable, Health Savings Accounts in 2025, Social Security Increases for 2025, tax advisor, tax updates, Texas CPA, The Burns Firm|

Gambling winnings are taxable It's fun to win money, but don't forget, it is also taxable. But a recent report by the Treasury Inspector General for Tax Administration (TIGTA) [...]

What are the tax implications of winning money or valuable prizes?

October 5th, 2023|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Gambling Winnings, Services, Tax, tax accountant, Tax Advisor|Tags: cpa near me, Dallas CPA, Gambling Winnings, Lottery Winnings, tax, tax accountant near me, tax advisor, Tax and My Winnings, Tax on Gambling Winnings, The Burns Firm|

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! After you celebrate, be aware that there are tax consequences attached to your good fortune. [...]