by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a sweepstakes is thrilling, but knowing about taxes is key. Your state of residence greatly affects your tax on winnings. Each state has its own rules for sweepstakes taxes, so it's vital to know how your state impacts your taxes. The IRS sees sweepstakes...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a prize can be thrilling, but knowing about taxes is key. The IRS sees most prize winnings as taxable income. This means both federal and state taxes will want a piece of your winnings. Federal and state taxes on prizes can be tricky. Whether it's cash,...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a new car is exciting, but the tax side can be complex. In the U.S., the IRS sees car prizes as taxable income. This means winners face a lot of tax responsibilities.The tax on car prizes is not straightforward. The car's value is seen as taxable income. So,...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning an international sweepstakes can be thrilling. But, U.S. taxpayers face complex tax rules when claiming prizes from abroad. The Internal Revenue Service demands detailed reports on international sweepstakes winnings. It's key for winners to grasp their tax...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a sweepstakes is thrilling, but many forget about the taxes they must pay. The IRS 1099-MISC Form is key in telling the government about these winnings. Winners must know how this form affects their money matters.When you win a prize, the IRS wants to know...
