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Matthew Russel
By In Facts on Taxes

Are All Types Of Gambling Winnings Reported On A 1099 Form?

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Matthew Russel
By In Facts on Taxes

Can Seniors Deduct Gambling Losses From Their Winnings For Tax Purposes?

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Matthew Russel
By In Facts on Taxes

Are There Thresholds For Reporting Gambling Winnings On A 1099?

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Matthew Russel
By In Facts on Taxes

Are There Specific Gambling Winnings That Do Not Require Reporting On A 1099 Form?

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December 15, 2023

Pros and Cons of Paying Taxes with Cryptocurrency

As the world continues to embrace the digital revolution, cryptocurrencies have emerged not only as a financial asset but also as a potential means of conducting day-to-day transactions. One intriguing aspect of this evolution is the idea of paying taxes…
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The Top 5 Ways to Minimize Your Cryptocurrency Tax Liability

In an era dominated by the rapid evolution of digital assets, the management of cryptocurrency tax liability has become an increasingly pressing concern for investors. As the popularity of cryptocurrencies continues to soar, so does the scrutiny from tax authorities…
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What Are The Different Taxes You Must Pay In Canada?

Navigating the Canadian tax landscape is essential for both individuals and businesses alike. With a complex system encompassing various taxes at different levels, understanding these financial obligations is crucial. In this blog, we will embark on a journey through the…
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December 6, 2023

Can You Claim Your Property Taxes On Your Income Tax Canada?

Navigating the intricacies of the Canadian tax system can be a complex task for many individuals, and one aspect that often raises questions is the eligibility of property taxes for inclusion in income tax claims. As homeowners and property owners…
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Why People Get Audited by the IRS?

Facing an audit from the Internal Revenue Service (IRS) can be a daunting experience, sparking concern and uncertainty among taxpayers. As the tax landscape continues to evolve, understanding the common triggers for IRS audits becomes crucial for individuals and businesses…
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How to Calculate Corporation Business Taxes?

Navigating the complex landscape of corporation business taxes is a crucial aspect of financial management for any business entity. As corporations operate within a framework of regulations, understanding how to calculate and manage taxes becomes paramount to maintaining fiscal health…
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December 6, 2023

How to Prepare for a Payroll Tax Audit?

Facing a payroll tax audit can be a daunting prospect for businesses, underscoring the critical need for meticulous preparation. As government agencies intensify their scrutiny of payroll tax compliance, it becomes imperative for organizations to navigate this process with precision…
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December 6, 2023

How to Calculate Capital Gains Taxes?

Navigating the intricacies of financial responsibilities is an essential aspect of managing one's economic affairs. Among these responsibilities, understanding and calculating capital gains taxes play a pivotal role for individuals engaged in investments and asset transactions. Capital gains taxes are…
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December 4, 2023

What Are Corporation Business Taxes?

In the intricate landscape of finance and commerce, corporations play a pivotal role in driving economies, fostering innovation, and contributing to societal development. As these entities navigate the complex web of fiscal responsibilities, one crucial aspect that demands attention is…
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How To Report Tutoring Income On Taxes?

Navigating the intricacies of reporting tutoring income on taxes is a crucial aspect of ensuring financial compliance for individuals engaged in tutoring services. As the demand for personalized education rises, many individuals find themselves providing tutoring services either as a…
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December 4, 2023

What Are The Best Corporation Business Tax Deductions?

In the intricate realm of corporate finance, understanding and strategically utilizing tax deductions are crucial for businesses aiming to optimize their financial health. Corporations navigate a complex landscape of tax regulations, and identifying the best business tax deductions is not…
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Facts on Taxes

What Happens If I Don’t Report My Gambling Winnings On My Taxes?

Gambling can be an exciting and potentially lucrative pastime, but it also comes with tax obligations. The Internal Revenue Service (IRS) requires all gambling winnings to be reported on tax returns, regardless of the amount. Failure to report gambling winnings…
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Who Is Responsible If Your Tax Accountant Makes A Mistake?

Navigating the complex terrain of tax regulations and financial management is a daunting task for many individuals and businesses. In the pursuit of financial clarity and compliance, many turn to the expertise of tax accountants to guide them through the…
Does Michigan Tax Lottery Winners
Facts on Taxes

Does Michigan Tax Lottery Winners?

Lotteries have an uncanny way of igniting dreams and aspirations with the flick of a ticket or the selection of a few numbers. The thrill of winning the lottery can be a lifealtering experience, transforming financial landscapes and opening doors…
Claim Lottery Winnings Under An LLC
Facts on Taxes

Can You Claim Lottery Winnings Under An LLC?

Winning a lottery is a dream many of us share - the promise of instant wealth and financial freedom. However, with such life-changing fortunes come significant responsibilities and considerations. One intriguing avenue that lottery winners explore is claiming their windfall…
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Gambling & Lottery Winnings Tax

Can Gambling Losses Be Deducted On A 1099
Facts on Taxes

Can Gambling Losses Be Deducted On A 1099?

Gambling, with its thrill and possibility of winning big, has long been a popular pastime for many individuals. However, beyond the excitement of hitting the jackpot lies a crucial aspect that gamblers must be mindful of come tax season -…
Facts on Taxes

Is A Win Loss Statement Good Enough For Filing Gambling For Taxes?

Filing taxes on gambling winnings can be a complex and challenging task for many individuals. One common resource that gamblers often rely on is the win-loss statement provided by casinos. This statement summarizes a player's gambling activity during a specific…
Facts on Taxes

Do Canadians Have To Pay Tax On US lottery Winnings?

For many Canadians, winning a US lottery can be a dream come true. However, with great fortune comes great responsibility, and one of those responsibilities is understanding the tax implications of winning a US lottery. The question of whether Canadians…
Facts on Taxes

Do You Have To File Taxes On Gambling?

Gambling, with its thrilling highs and unpredictable outcomes, is a pursuit that captivates millions around the world. As the dice roll, the cards shuffle, and the wheels spin, individuals engage in various forms of gambling, hoping for that elusive stroke…
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