Tag Archives: losses

Net Operating Losses

Today TaxMama® hears from several people in the TaxQuips Forum about this topic. “Net Operating Losses have some special qualities that make them very desirable for tax purposes – even if they result from disasters in an economic sense. It’s important to understand how to use them, or you can waste them.”

Prepare for Hurricanes, Disasters by Safeguarding Tax Records

Courtesy of IRS WASHINGTON — The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.

The Gambler

Today TaxMama hears from Stuart in Florida, with a quick question. “I did my research about gambling winnings and losses, Schedule C versus Itemized deductions. Where on the Schedule C would the losing wagers go if I were filing a Schedule C as a professional gambler?”

Gambling Winnings and Losses

Your summer vacation may mean a trip to the casino or the racetrack. What will you owe Uncle Sam if Lady Luck happens to be on your side? Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, […]

Gamblers Who Win

Today TaxMama hears from Rose who says, “I have been gambling pretty heavily this year. I have forms showing that I have won in excess of $30,000. I have had state taxes withheld from each win. Unfortunately I wasn’t quite as good with the Federal. I did have some withheld. Going through my records (bank […]

Farmer Rings the Bell

Today Mark in Mississippi is still reeling. Here’s why – The other day, I dropped twenty bucks into a 50-cent slot machine and I won $326,000.00! I suspect that over half will be taken for state and federal taxes. As a farmer, can I offset the taxes due by adding to my farming operation (i.e. […]