Tax Implications of Gambling

Tax Implications of Gambling

Whether you’re hitting the slots in Vegas, buying scratch-offs at the gas station, or playing online poker from your couch, there’s one thing all gamblers have in common: Uncle Sam wants his cut. Yep, gambling winnings are taxable. But don’t worry—here’s...
Understanding How Inherited IRAs Work

Understanding How Inherited IRAs Work

IRAs are designed to help individuals save for retirement, but what happens to these funds if the account owner passes away? When setting up an IRA, you have the option to designate a beneficiary who will inherit your IRA if you die. If you don’t assign a beneficiary,...
6 Big Tax Mistakes Small Business Owners Make

6 Big Tax Mistakes Small Business Owners Make

The way you manage your taxes and record-keeping can have a significant impact on your performance as a small business owner. Look out for these typical tax errors that proprietors of small businesses make. Choosing the wrong form of business Everybody seems to have...
HSA Taxes, FSA Taxes & How They Work in 2023-2024

HSA Taxes, FSA Taxes & How They Work in 2023-2024

Medical expenditures may be quite costly. However, two special accounts, the health savings account (HSA) and the health flexible spending account (FSA), can help with both your doctor’s and tax expenditures. As with all taxes, there are exceptions and...