Dozens of states are expected to legalize betting within the next few years. Naturally, there will be winners and losers. The American Gaming Association estimated that legal sports betting will generate up to $26.6 billion of economic activity and 152,000 jobs. Walmart and Target will make millions from fans converting their winnings into giant TVs. Even a few old-school backroom bookies will manage to hang on — they can offer credit, so they don’t have to start kneecapping until some poor loser fails to pay.Continue reading →
Here’s the dark reality behind racing’s bright silks. Only one horse gets to claim that seven-figure Derby purse in a year, and most horses never clear a profit in their life. For the majority of owners, “investing” in racehorses is like “investing” in lottery tickets. And for most of them, that’s OK — their horses are just a (very expensive) hobby. And, here’s where the handicappers at the IRS come in.Continue reading →
Here’s why we’re talking about the story today. Gambling winnings are taxable, of course — at least here in the U.S. So, here are a couple of lessons to ponder while the case makes its way through the system. First, don’t sit down for a high-stakes gamble without knowing your opponent! And second, don’t let the IRS catch you by surprise. Navigating the tax gameboard without a plan is a gamble you don’t want to take! Come to us so you don’t have to leave your fortune to a toss of the dice.Continue reading →
Here’s the good news where it comes to taxes: Paying less is a lot easier than catching pocket aces at the final table. So if you want to pay less, call us for a plan. Be sure to do it now, before the year runs out on you. We’ll tell you which strategies to hold, and which to fold, and send you home a winner.Continue reading →
You’ve bought a lottery ticket or two in your time, right? The Powerball jackpot hits a kajillion dollars, and you realize you really can’t win if you don’t play. So you buy a ticket or two just to nurse that fantasy of champagne wishes and caviar dreams. Forget the reality that most lottery players never win, and even the ones who do make headlines usually seem to go bankrupt faster than a professional footballer who tears his ACL two games into his rookie season.
Most people who buy lottery tickets really do want to win. In fact, a 2006 study revealed that 21% of Americans believe playing the lottery was their best bet for financing retirement! (Really? That’s not the same thing as counting on the lottery to retire, but it still doesn’t say much about our financial planning smarts.) But would you believe there’s a small group of Americans who pay top dollar for losing tickets? Why on earth would anyone ever do that? The answer, not surprisingly, lies in that financial cancer that we lovingly refer to as the Internal Revenue Code.Continue reading →
If you’re a golfer, you’ve surely heard of “Long John” Daly, renowned for his distance off the tee. In 1991, he roared onto the scene by winning the PGA Championship as the ninth alternate. In 1997, he became the first … Continue reading →