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Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This

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Gambling Income. Gambling income is considered taxable income at the federal level, and may be taxable at your state level too. Gambling includes, but is not limited to, casinos, lotteries, fantasy sports, racetracks, game shows, and sweepstakes. If not, you may owe taxes on the benefits. Contact us now to get started!

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How to Qualify for the Foreign Earned Income Exclusions in 2021

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This would be dividends, interest, capital gains, gambling winnings, alimony, social security benefits, pensions, and annuities. This one would be business profits, royalties, rents and scholarships, and fellowships. Unearned income. As you can tell unearned income is more so from passive investments. Variable income.

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IRS Audit Red Flags & Triggers: How the IRS Catches You

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Claiming Large Losses From Gambling. The IRS pays heavy attention to losses claimed from gambling. This is because you can only deduct gambling losses to the extent that you report your winnings. If you gamble recreationally and claim losses, the IRS will be looking to see if you also reported your winnings in your income.

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PPP Loan Fraud is Out of Control! Case Investigations & EIDL Fraud

LyfeAccounting

And once they obtained the funds, they allegedly: paid off a luxury vehicle, used over 13,000 at weight-loss centers, used over 62,000 of it to gamble at a casino, and. Case Investigations & EIDL Fraud appeared first on Small Business Accounting & Finance Blog. Authorities claim Lugo and Venant applied for 5.8

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