Gambling Winnings and Losses

By |2022-08-18T08:47:22-04:00December 21st, 2010|Uncategorized|

If you did some gambling this year, you should be aware of the applicable federal income tax rules.  You generally must report 100% of your gross gambling winnings as income.  They are subject to your regular federal income tax rate, which can be as high as 35% for 2010.  You can write off your wagering [...]

Filing Status and the Final 1040

By |2022-08-18T08:47:22-04:00December 6th, 2010|Taxation|

Although we can’t escape death or taxes, we may be able to minimize the federal income taxes due on our final Form 1040.  Filing a tax return after we die (we are then known as the “decedent”) is probably not something most of us think much about.  But, a final Form 1040 generally must be [...]

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