Winning the lottery. It is something you probably dream about doing. You are certainly not alone. How would you feel if you walked into a casino, dropped your quarter in a machine and won the $8 million jackpot? Now, how would you feel if the casino took it back? That is exactly what happened to … [Read more...] about Casino takes back $8 million jackpot: do you ever keep it all?
Have you ever watched the television show Shark Tank and thought, "That could be me"? You are not alone. The show is a testament to the entrepreneurial spirit being alive and well in the United States. Investors on the show, including Dallas' own Mark Cuban, have helped many individuals find … [Read more...] about Use the power of the crowd, but don’t forget the tax implications
The 2016 presidential race is already well underway, and there are plenty of candidates to choose from this time around. In any major election, taxes are an important topic and a sensitive issue for many Texans. Regardless of your opinions, you are legally obligated to pay the taxes you owe under … [Read more...] about How contractors could end up owing the IRS more than they should
The Internal Revenue Service offers some advice to taxpayers who owe tax money, but it may not be the right advice for your situation. At the end of the day, the IRS is in the business of collecting tax money, not giving away free financial advice. While some of the agency's suggestions make sense, … [Read more...] about The Internal Revenue Service offers advice for paying taxes
The gift tax is a tax levied by the federal government on monetary or value gifts. Usually this tax is paid by the person who gives the gift, though agreements can be made for the person who receives the gift to make payment. In such cases, the Internal Revenue Service recommends that … [Read more...] about What is the gift tax?
In the wake of a major hack of the Internal Revenue Service network, the IRS reports that it will partner with third-party firms to bolster security and protect the information and returns of taxpayers. The efforts will include working with software and tax-preparation firms. In May 2015, hackers … [Read more...] about IRS makes moves to protect taxpayer information