Monthly Archives: October 2017

Reporting Gambling Income and Losses

If you gamble, these tax tips can help you at tax time next year: Here's what you need to know about figuring gambling income and loss. 1. Gambling income. Income from gambling includes winnings from lotteries, raffles, horse races, and casinos. It also includes cash and the fair market value of prizes you receive, such as…
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Special Tax Relief: Hurricanes Harvey, Irma & Maria

Key tax relief provisions are now available for victims of Hurricanes Harvey, Irma and Maria. This tax relief applies to individuals and businesses anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas. A key component of this tax relief is that it postpones various tax deadlines. For example,…
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Deducting Business-Related Car Expenses

Whether you're self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers' salaries, and depreciation. Use the standard mileage deduction in 2017 and simply multiply…
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Now is the Time to Review Withholding Allowances

With less than three months remaining in the calendar year, now is a good time to double check your federal withholding to make sure enough taxes are being taken out of your pay. Most people have taxes withheld from each paycheck or pay taxes on a quarterly basis through estimated tax payments. But each year…
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