by clicejames | Jun 11, 2025 | Taxes & Financial Planning for Winners
Winning a sweepstakes can be thrilling, but the tax side often surprises people. Understanding sweepstakes taxes deductions is key. When you win big, the government takes its share. It's important to know how to deal with tax liabilities. Can you write off sweepstakes...
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
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...
