Welcome to income taxes Guide
Income Taxes Canada Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
With Income Taxes Gambling Losses, Are they Good or Bad?
from:Many times when people go to file their taxes, they find that they have more deductions that the average person; some of them good and some are not so good!
Many times when people take their taxes to a professional tax company, they find that many people have in their income taxes, gambling losses. In fact, many times for their income taxes gambling losses help lower their annual income or amount owed.
When it comes to your income taxes, gambling losses do not have to be claimed. However, when you win any amount of gain must be claimed on your taxes. In fact, if you do not claim any of your winning, you could be prosecuted. It is against the law to not claim all of your income, even if it does come from gambling! When it comes to income taxes gambling losses and gains, there are many different types of losses you can have. In fact, you may have gains or losses from the lottery, raffles, dog and horse tracks, and casinos. In addition, you will have to collect taxes on things that are won as prizes, as well, such as cars, boats, trips, or even houses.
Most often when people file their own income taxes, they are not aware that there is a spot on the forms for gambling write-offs; unless they have used it in previous years. However, when filing your income taxes gambling losses, there is usually a separate spot for putting your losses. In fact, on the forms they are usually put in line 27, on Schedule A (form 1040). However, when deducting your losses you cannot deduct more than your winnings. Therefore, if you go to a casino on a regular basis, it would be a good idea to keep a sharp record of what you make to what you lose; perhaps in a book of some sort.
When you have a professional file your income taxes for you, sometimes it makes you feel even worse to see the amounts that you won or lost were in someone else's hands, as well. By that, someone else will see what your income taxes gambling losses were, for the year. In fact, in some cases having a professional file their taxes for them, addicted gamblers come to face with their problems because they are so ashamed of what they spent! For many gamblers, that year is the last year they gambled!
Whether you are a habitual gambler or occasionally go gambling, having gambling losses may help you during the tax season! However, you may want to make sure that your loses are not higher than your gains, because that may end up hurting you even more!!
Other Income Taxes Canada related Articles
State Income Taxes
Minimum Income To File Taxes
Federal Income Taxes Online
Michigan Income Taxes
Maryland Income Taxes
Do you want to contribute to our site : submit your articles HERE
Income Taxes Canada News
Austerity, Public Services and the Labour Movement - Socialist Project
 Socialist Project | Austerity, Public Services and the Labour Movement Socialist Project There has been an explicit rejection that corporate income tax cuts and personal income tax cuts, introduced by Mike Harris and sustained and deepened by ... |
DTC Bill Tabled: Special Debate - Moneycontrol.com
 Moneycontrol.com | DTC Bill Tabled: Special Debate Moneycontrol.com So to that extent I think after covering all the issues that you have on the income tax that we have comprehensively covered in the indirect tax bill, ... |
McGuinty offers $50 tax credit for kids' activities - Toronto Star
 CBC.ca | McGuinty offers $50 tax credit for kids' activities Toronto Star The refundable “children's activity tax credit” would be part of 2010 income tax returns and include a higher credit of up to $100 for children under 18 ... Ontario plans to bring in children's activity tax credit |
It may be time for some to pay income tax - Daily Gleaner
It may be time for some to pay income tax Daily Gleaner ... where there is a second income not automatically subject to tax, such as income via Employment Insurance, Old Age Security or the Canada Pension Plan. ... |
Labour Day and Still No Boost in Minimum Wage - Opinion250 News (blog)
Labour Day and Still No Boost in Minimum Wage Opinion250 News (blog) Therefore HST represents a 7% flat tax on the gross cost of employees including all the matching taxes such as EI, and CPP, and income taxes that the ... BC labour group renew calls for a higher minimum wage |
Alberta gives gives $2B to U.S. treasury - Calgary Herald
Alberta gives gives $2B to U.S. treasury Calgary Herald The $2-billion giveaway is part of a larger pattern of tax madness in Alberta. We have by far the lowest personal income tax rate for the very wealthy, ... |
GETTING PERSONAL CANADA: Home Is Where The Tax Bill Is - Wall Street Journal
GETTING PERSONAL CANADA: Home Is Where The Tax Bill Is Wall Street Journal Yager says the first thing to do is decide where you prefer to pay income taxes. Income taxes are higher in Canada than they are in most other countries, ... |
What's Wrong with the NDP's Anti-HST Campaign - Socialist Project
 CBC.ca | What's Wrong with the NDP's Anti-HST Campaign Socialist Project Former federal leader Ed Broadbent's call for increasing income taxes on those earning more than $250000 per year to eliminate child poverty in Canada, ... Compared to retail sales tax, HST definitely the better tax HST Is Here To Stay BC Liberals mulled HST before election: documents |