Gambling Winnings Tax Tips

Part of the Video Series Tips for Filing Taxes

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Even if gambling isn't your sole income, you still have to pay taxes. Get tips for understanding the gamble tax in this free video clip about business tax deductions.

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Gambling Winnings Tax Tips
Hi, Tom Choisnet, enrolled agent. I wanted to add a little more on the business gift. We talked about employment achievement awards, and I wanted to break out a separate section because it seemed to be a little loop as to the business gift rule. So, I made some notes here that I'm going to refer to. The employment achievement awards have to do with length of service or safety awards. They can not discriminate to highly compensated much as many of the pension rules. It requires a minimum of five years service for them to qualify, and then on top of that, the average of such awards cannot exceed four hundred dollars. It's just a little loophole that can help get around that twenty-five dollar per done on that business gifts. So, I hope that's helpful and take a little look at some of the other segments we have. You'll enjoy the clips. Thank you!

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More