Posts by mattpottmeyer:
What are the Tax Rules for Gamblers?
October 25th, 2012With the new Cleveland Horeshoe Casino, gaming is becoming big business in Ohio. From occasional slot machine players to poker pros, Ohioans are experiencing gambling and all the wins and losses that come with it. While residents of Las Vegas may already be familiar with the IRS’s tax treatment of gambling wins and losses, Ohio gamers might not be The IRS has special rules for gaming income and losses, which I’ll describe below, but the general rule is this: gambling winnings are taxable. Read the rest of this entry “
Should You Maximize Cash Flow or Minimize Income Taxes?
September 27th, 2012“Do I need to buy, and expense, equipment or a vehicle before the end you the year to save income tax?” Every CPA involved in business tax planning hears some variation of that question several times, on an annual basis. Our first question back to you is, “Do you need it?” Read the rest of this entry “
