Lets Go Taxes

2 Locations: 5020 Silver Star Rd, Orlando, FL 32808
2479 N John Young Pkwy, Orlando, FL 32804

Tax Tip: Curious as to what the new postcard-sized tax return might look like? The Internal Revenue Service (IRS) has released a proposed draft of the return. Speak with your Tax Advisor to see how the new tax laws could affect you! Schedule an appointment TODAY!

FYI: Tax Tip - Gambling
Publication 525/Publication 529

All gambling earnings are considered taxable income by the IRS. To make sure that you are following IRS guidelines in filing your earnings correctly, here are a few things you should know:

Whether you have hit the lottery or earned some extra cash from a workplace bet, you have to report ALL of your gambling winnings on your tax return. This goes for non-cash prizes, too!
Keep an eye out for Form W-2G in the mail because you will most likely receive this from the payer of your winnings. A copy of this goes to the IRS, as well, so be sure to include your earnings under the “Other Income” line of your return. If you don’t receive this form, record your earnings anyway.
If you are down on your luck, gambling losses can be deducted. This may prove to be confusing and difficult so it is best to ask your tax preparer to assist you.
Keep all documentation of your gambling activities. Better to be safe than sorry!

TAX REFORM BILL: WHAT WILL THE “TAX CUTS AND JOBS ACT” MEAN FOR YOU?
Even though the new tax reform bill, the Tax Cuts and Jobs Act, is designed to make filing taxes simpler, there are many changes that will affect how much you pay in taxes. Be sure to consult a tax professional who can help you get every deduction and tax credit you deserve so you don’t wind up paying more than you should.

Tax Tip:
Active duty and stationed outside the US? Living overseas? Your automatic 2-month extension to file your return and pay any taxes owed was due this Friday, June 15th! Need help? Contact us at 1-888-756-2546

Learn more from the IRS:

U.S. Citizens and Resident Aliens Abroad | Internal Revenue Service This section covers tax topics for U.S. citizens or resident aliens living overseas.

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