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November 29, 2011

Lottery Taxes

Lottery taxes are the downside of winning large sums of money or valuable prizes in state and national games. One thing is certain. If you don't pay the IRS the tax man will be knocking on your door. Just ask Richard Hatch, winner of the reality show Survivor.

If you don't pay lottery taxes when they're due, you'll end up owing the IRS even more. They can assess late fees, penalties, and interest that continuously accrues until it reaches maximum level.

The first thing jackpot lottery winners should do is talk to a financial planner or tax accountant. They could also arrange a meeting with the IRS. The point is to get professional help and eliminate the risk of making costly mistakes.

Real Estate Investing article on "Lottery Taxes "

October 12, 2011

Lottery Taxes

Lottery taxes are an unfortunate side effect of winning lottery jackpots and prizes. Whether you win a car, vacation, or cold hard cash you need to hand over a good chunk of change to the IRS.

Lottery taxes are a confusing topic for most people, so if you're fortunate enough to win big bucks it's a good idea to talk to a tax accountant. One thing is certain, whenever you win a valuable prize or cash the lottery board reports winnings to the IRS.

If you don't report lottery winnings on personal tax returns the tax man will be sending you a notice that includes late fees, penalties, and accrued interest that can amount to 28 percent or more than the original lottery taxes.

Real Estate Investing article on "Lottery Taxes "