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Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return. Taxpayers who gamble may find these tax tips helpful: Gambling income. Income from gambling includes winnings from the lottery, horseracing and casinos. It also includes cash and non-cash prizes. Taxpayers must […]
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Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it on their taxes in 2018 if they paid for day camp or for someone […]
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Here are some tax tips for taxpayers to use when deducting charity-related travel expenses: Qualified Charities. For a taxpayer to deduct costs, they must volunteer for a qualified charity. Most groups must apply to the IRS to become qualified. Churches and governments are generally qualified, and do not need to apply to the IRS. A […]
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12 Jul '17
The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or […]
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Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement. Here are 10 tips taxpayers should know about deducting casualty losses: 1. Casualty loss. A taxpayer may be able to deduct a loss based on the damage done to their property during a disaster. A casualty […]
