by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a prize is thrilling, but knowing how to handle taxes is key. The IRS says you must report your winnings as income. This means you need a good plan to deal with these taxes.Taxes on big wins can be tough to handle. Luckily, paying in installments helps. It...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Sweepstakes winnings bring joy to seniors across the United States. Many wonder if seniors pay less tax on these winnings. The Internal Revenue Service (IRS) says sweepstakes winnings are taxable income, no matter the winner's age. Seniors might think they get special...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Dealing with capital gains tax on prizes can be tough. It's key to know the difference between short-term and long-term gains. When you win something valuable, the IRS might see it as something you have to pay taxes on.The rules for prize winnings tax can change how...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a big sum of money is exciting. But, you need to plan for taxes before you get it. Good tax planning helps you handle sudden money and keep your wealth safe. Setting aside for taxes before you win is smart. Many think winning money fixes all their money...
by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Understanding tax deductions for sweepstakes can be tough. You need to know if you can write off sweepstakes losses on your taxes. This requires looking closely at IRS rules and keeping detailed records.The IRS has clear rules for reporting gambling income. This...
