Does the Government Subsidize Gambling Losses?

Does the Government Subsidize Gambling Losses?
A while back, I had a client receive a notice from the IRS demanding why he didn’t include his over $100k in gambling winnings on his tax return. “But I don’t gamble!” he promptly reported, figuring that the issue was a mistake and would be quickly put to rest. The IRS responded by sending slip ...

State and Local Tax Deduction

State and Local Tax Deduction
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page┬áhere) So you want to take a State and Local Tax deduction, huh? Good. It’s really pretty simple for the vast majority of people. Just take a look at your W-2, ...