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The IRS and Gambling Success : Do not let Your Big Prize Turn into a much Bigger Tax Debt

Jackpot! If you’ve got a gaming spirit, chances are you’ve probably invested a lot of time into casinos. But if you win big in Vegas, do not let the thrill of success cloud your maswin99 head. If you’ve won money from gaming and you didn’t report your success to the IRS, you could be in for a disturbing wake up call.

Beating the house: Whenever you win money through gaming, you must report it to the IRS. The IRS wants to know everything about your financial plans. Not only must you report money won by way of a casino, but also raffles, lottery, and even bingo. The reason these success have to be reported is really because the IRS considers them a form of income.

Snake Eyes! What the results are if you owe the IRS money because you didn’t report the success, or if you fail to afford to pay them what you owe? Well, as an IRS Hitman I can tell you it’s not going to be pretty. Soon, you may even be regretting your success. It will be you up against the IRS and unless you have a good collection, they’ll take you for everything you’ve got!

Taking the Pot… The IRS has several ways of collecting on your tax debt and the most effective by far is the income garnishment. This means the IRS can start taking money from your paycheck. And do you know what? Neither you, nor your employer can do anything about it. The IRS can actually garnish up to 75% of your gross pay and that can put in a large financial problem.

Play it Safe: If you’re already in this unfortunate situation, you will still find ways of getting help. You can speak with a steady tax professional who will give you what exactly is it on how to fix your tax debt once for all. The house may be a scary thing when it comes to the gaming industry, but the IRS’ House is a whole lot larger. So remember, the very next time you’re in Vegas, don’t go all in.

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