by Leif Jensen | Jul 19, 2023 | Taxes |
Professional gamblers have different rules than recreational gamblers. Some gamblers can file Schedule C if their gambling activity is extensive enough to rise to the level of a trade or business. This is a difficult hill to climb, as shown in a recent case (Mercier,...
by Leif Jensen | Jul 18, 2023 | Taxes |
Everybody knows or should know that you make, earn, win or steal money; you will owe the IRS a percentage of those funds. So here are some tax rules for recreational gamblers: Whether you are playing the slots, betting on sports or buying lottery tickets, IRS wants a...
by Leif Jensen | Jul 11, 2023 | Taxes |
Can you gift an I bond before it matures and avoid an income tax hit? No. Like most people, you’ve likely been deferring reporting for federal income tax purposes the interest that you earned on the savings bond. Gifting away EE or I bonds to someone else before those...
by Leif Jensen | May 3, 2023 | Taxes |
The current tax code has been in place since the Tax Cuts and Jobs Act (TCJA) was signed into law in late 2017. Most provisions, including personal income tax rates and brackets, expire at the end of 2025 unless Congress acts. The 21% corporate tax rate and long-term...
by Leif Jensen | Mar 27, 2023 | Taxes |
The Lottery. It exists legally now in many forms from weekly drawing to scratch offs. The Illinois Lottery began operations on July 1, 1974, when lotteries in the United States were confined to areas of the Northeast and Midwest. This was also a maneuver to take over...
by Leif Jensen | Jan 30, 2023 | Taxes |
The SECURE Act significantly reduced the benefit of the stretch IRA by requiring most beneficiaries to distribute the entire inherited IRA over 10 years. For most beneficiaries, the Act does not specify any rate at which distributions must be taken, only that the...
