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Sports betting winnings are taxable income, and you’re required to report them to the IRS, even if you don’t receive a W-2 G form. Apps like DraftKings and FanDuel will issue a W-2 G if you win $5,000 or 300 times the amount wagered. While you can deduct losses, it’s often difficult to exceed the standard deduction. It’s recommended to set aside 24-25% of winnings for
Tax experts recommend keeping most tax documents for about seven years, as the IRS typically has three to six years to audit. However, documents related to significant purchases like real estate should be kept much longer, potentially 10-15 years, especially for those in non-disclosure states. Digitizing records and storing them securely is also advised.
The article details what to do if you’re filing taxes late, even after requesting an extension. While an extension gives you until October 15th to *file* your return, you still need to pay any taxes owed by the original April 15th deadline. The piece outlines several ways to earn quick money to cover your tax bill, like surveys and online tasks. It also explains potential penalties for late filing and payment, advises seeking penalty relief if applicable, and provides information on how
This review assesses TaxAct, a more affordable online tax preparation service compared to popular options like TurboTax and H&R Block. TaxAct offers four pricing tiers—Free, Deluxe, Premier, and Self-Employed—catering to different tax situations, with options for live professional help. Key features include easy data import, FAFSA guidance, and a $100,000 accuracy guarantee. While it’s praised for its affordability and ease of use, it lacks personalized audit
Freelancing offers perks, but taxes can be complicated. As an independent contractor, you’re responsible for paying estimated quarterly taxes (due January 15, April 15, June 15, and September 15) – typically setting aside 30-35% of each paycheck to cover both federal income tax and a 15.3% self-employment tax. This tax covers Social Security and Medicare contributions. You’ll file Form 1040
