gambling and taxes

The Tax Implications of Being a Winner

August 6th, 2019|Categories: Accounting, Burns Firm, Services, Tax, Tax Deductions, Tax Preparation, Tax Return|Tags: CPA, Dallas CPA, gambling and taxes, tax preparation, tax reporting on gambling winnings, tax return, The Burns Firm|

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning [...]

Play Your Tax Cards Right With Gambling Wins and Losses

August 30th, 2018|Categories: Accounting, Tax, Tax Planning|Tags: Accounting, CPA, gambling and taxes, Planning, tax, Tax planning, tax preparation, tax return, taxes, TCJA, The Burns Firm|

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) [...]