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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. And income from gambling winnings is taxable.

Gambling 122
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Potential Tax Savings for Minority Owners of a Sports Team

Withum

Most of us don’t have hundreds of thousands, millions or even billions of dollars at our disposal to purchase our favorite sports team. However, it is a dream for many sports fans to fantasize about owning a sports team. According to Forbes, the average value of sports franchises has increased over 250% since 2000.

Sports 52
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UK tax considerations for E-sports earnings

Menzies

If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? If you are earning more than the trading allowance in Esports income in a tax year, then you should be reporting this to HMRC as a self-employment business.

Sports 59
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Corvee Adds Augusta Rule Deduction Guidelines for Home Rentals to Tax Planning System

CPA Practice

Corvee, a maker of tax planning technology for businesses and tax pros, has added Augusta Rule deduction filing guidelines into its Instead and Instead Pro tax planning systems. Instead and Instead Pro offer seamless Augusta Rule savings estimation to help plan, calculate, document and file a return.

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Your Tax Guide to Professional Gaming

Withum

Whether you’re a small streamer making a few hundred dollars per month or taking home part of the multi-million dollar prize pool at The International, understanding that the income earned will be taxed is extremely important. all of which can create deductions on the amount of taxes he owed to the IRS on that income.

Gaming 105
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FIFA World Cup 2022 – Does Captain America Owe Uncle Sam?

Withum

However, players do not dream of having to pay taxes on the foreign-sourced income they earn while playing abroad. The question is – how much does this equate to in taxes owed to the IRS? Before answering this question, two things need to be considered – income tax treaties and the Qatar World Cup tax exemption.

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What to know about Form 4562: Depreciation and Amortization

ThomsonReuters

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Section 179 deductions are limited to annual taxable business income. Let’s take a closer look at the form and its uses.