by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a sweepstakes is thrilling, but it's important to know about the tax side. Prizes, whether cash, merchandise, or services, are seen as taxable income. This means you must report them on your taxes.The IRS wants all prize winners to report their earnings on...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a sweepstakes can be thrilling, but not everyone wants to take their prize. Sweepstakes have complex situations where people might choose not to accept their prize. Knowing about prize refusal helps winners make smart choices about their winnings.Sweepstakes...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Understanding tax deductions can be tough for winners who want to save more on taxes. Knowing the right strategies can lead to big financial gains. It's all about digging deep into the tax world.There are special tax deductions that can help you pay less in taxes....
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Sweepstakes marketing is a big deal for companies wanting to grab people's attention. What looks like a free prize often hides complex plans to get customers involved. These events promise fun and a chance to win, but they also have hidden costs.People love the idea...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a prize can be thrilling, but knowing the tax rules for non-cash prizes is key. The IRS says you must report all prizes and winnings, even if they're not cash. This includes cars, vacations, and electronics, which can affect your money planning.Taxing non-cash...
