Wealth Advice and Financial Planning
How to deal with gambling-related tax questions
With the expansion of casino gambling and the proliferation of state lotteries, it’s not surprising that many of us are occasionally tempted to lay down a little money and try our luck. Of course, most of the time, as luck would have it – we lose. When we get lucky, the tax man gets lucky, too. Gambling winnings are taxable, just like wages. The IRS even requires casinos and lottery agencies to withhold taxes from winnings in some situations. The fact that gambling winnings are taxable income doesn’t surprise most people. And most are aware that gambling losses are tax deductible – up to the amount of winnings for the year.
Should you choose gym membership or a home gym?
Looking for the best value when it comes to getting in shape depends not only on how deep your pockets are but also on what you’re looking for in a workout.
Facing reality may require some ‘pension pinching’
In recent years, soon-to-be-retirees from all walks of life have been forced to face the reality that their future income stream might not be nearly as bountiful as they once had imagined. Of the 77 million baby boomers now nearing retirement, many are in danger of running out of funds prematurely, according to experts. Surprisingly, even the wealthiest individuals are at risk, particularly as insurance premiums and other healthcare costs continue to escalate beyond past estimates.
Links to external sites are provided as a courtesy. They are not endorsed and their accuracy has not been verified by Gray, Gray & Gray, LLP its partners or staff.