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If you win a car on a game show, such as Let's Make a Deal, do you have to pay taxes before you get your prize?
Any prize you win on any game show, be it cash or car or a year’s supply of Rice-A-Roni, the San Francisco treat, is treated as taxable income. You receive the whole amount ( typically 30 days after the episode airs) and are solely responsible for paying any applicable taxes. Depending on how much you owe, you might even need to pay it before April 15 to avoid penalties.Winners can also decline to accept a prize, if the tax owed is more than they can pay. A new $30,000 car is therefore not free• it’s going to cost the winner about $9,000 give or take, depending on their tax bracket.
When filing by mail to the IRS, should I staple or paperclip my tax return?
For the Feds, they only mention staples or other attaching methods one time...Topic 301 When, How and Where to FileWhen you owe a balance - If you owe tax, you may pay via Direct Pay or enclose a check or money order with your paper return or if you filed electronically, with the 2022 Form 1040-V (PDF), Payment Voucher:Made payable to the United States TreasuryOn the front of your payment include your name, address, taxpayer identification number (SSN, ITIN, EIN), daytime phone number, the tax year and type of form you are filing (for example, 2022 Form 1040).Enclose your payment loosely with your return, do not staple or otherwise attach your payment or Form 1040-V to your return.Do not mail cash with your return.
If I win a lottery does it get taxed?
Yes, ofcourse but you can claim the winning refund too if you won in different country than yours . Contact http://www.refundmanagement.com/ . It provides casino tax refund services for Canadians and non-US residents. They are the oldest and reliable source for casino tax refund. To claim the winning you all have to do is just give 3 different acceptable forms of certified identification. If you are using a passport, it can stand alone. If you are using a driver’s license, you will need one other form of ID such as a birth certificate. We, as agents of the IRS, can help certify your I.D.
Do casinos report winnings on the IRS?
This answer applies to the U.S.“Yes they do” isn’t accurate. “Sometimes they do” is much more accurate. If you go up the the cage with $1000 or less, most casinos don’t ask for ID of any kind and you aren’t required to check in at table games with player cards.If you win at a slot machine, a single pay jackpot of $1200 or more is reported on a tax form and depending on what state you are in, state tax may be taken out.If you go up to the window with $10,000 or more, they are required by federal law to report the transaction to the IRS but not specifically for tax purposes.At tax time, you are supposed to report any winnings as income but most people don’t.
Can I pre-pay my California state taxes for 2022 in 2022 in order to take the state income tax deduction?
I don’t believe you can. In order for you to get a state income tax deduction on your itemized deductions (Schedule A), it needs to be paid in 2022 for the tax years 2022 or 2017.However, for your own peace of mind, please read what the instructions for Schedule A says:Line 5: State and Local Income TaxesIf you elect to deduct state and local income taxes, you must check box a on line 5. Include on this line the state and local income taxes listed next.State and local income taxes withheld from your salary during 2022. Your Form(s) W-2 will show these amounts. Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld.State and local income taxes paid in 2022 for a prior year, such as taxes paid with your 2022 state or local income tax return. Don't include penalties or interest.State and local estimated tax payments made during 2022. including any part of a prior year refund that you chose to have credited to your 2022 state or local income taxes.Mandatory contributions you made to the California, New Jersey, or New York Nonoccupational Disability Benefit Fund, Rhode Island Temporary Disability Benefit Fund, or Washington State Supplemental Workmen's Compensation Fund.Mandatory contributions to the Alaska, California, New Jersey, or Pennsylvania state unemployment fund.Mandatory contributions to state family leave programs, such as the New Jersey Family Leave Insurance (FLI) program and the California Paid Family Leave program.Don't reduce your deduction by any:State or local income tax refund or credit you expect to receive for 2022. orRefund of, or credit for, prior year state and local income taxes you actually received in 2022. Instead, see the instructions for Form 1040, line 10.source: https://www.irs.gov/pub/irs-dft/... (see page A-3)
What are the exceptions to the consideration of the "box7" income as non-employee compensation?
A2A - Have you read the form and instructions?Box 1 - Rents2 - Royalties3 - Other Income4 - Federal Taxes withheld5 - Fishing income6 - Medical payments8 - Substitute payments in lieu of dividends9 - Direct sales payments10 - Crop proceeds13 - Golden parachute payments14 - Legal paymentsThe instructions are available at Form 1099-MISC--Miscellaneous Income (Info Copy Only)So Page 5 for other income says…Other IncomeEnter other income of $600 or more required to be reported on Form 1099-MISC that is not reportable in one of the other boxes on the form.Also enter in box 3 prizes and awards that are not for services performed. Include the fair market value (FMV) of merchandise won on game shows. Also include amounts paid to a winner of a sweepstakes not involving a wager. If a wager is made, report the winnings on Form W-2G.Page 7 for nonemployee says …What is nonemployee compensation? If the following four conditions are met, you must generally report a payment as nonemployee compensation.You made the payment to someone who is not your employee.You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations).You made the payment to an individual, partnership, estate, or, in some cases, a corporation.You made payments to the payee of at least $600 during the year.So to answer your question directly - very very few. In 30+years of being a CPA I have never used boxes 4 - 5 - 8 - 10 -13 Boxes 1 - 2 - 5 - 6 - 9- 14 are really self explanatory just leaving box 3 - described above.There really are none.
How do tax accountants know what all is involved in someone's tax return?
Want to hear a dirty little secret?  We don't know. We can't know. First of all:  Garbage in, garbage out.The information you bring us is almost never complete. Oh, you think it is. You have your W-2 (in Canada, T-4), and your retirement plan contribution slips, and everything else you think you need. But you forgot that 1099 (T5/T3), and that other slip that "got stuck in the mail".Did you spend a few days working out-of-state?  You probably need to file a different state's non-resident tax return. But it's not shown on your W-2, so we'll never know.Then there's that little job you did for someone who paid you in cash. You didn't keep a record of it, or "forgot".Did you fix your neighbor's water faucet, and in return she baked you cookies?  That's income (yes, really).In Canada especially, there are tons of "boutique" tax credits for doing things the government wants you to - sending your kids to post-secondary school (T2202A), or hockey, or dance, or piano lessons. Did you buy a transit pass?Most people remember to claim the credit for an eco-friendly vehicle, but I've seen that missed, to0.Are you absolutely sure you got all your medical receipts? Do you know how much you were reimbursed by your insurance company?I could go on, but you get the idea.Second:  We miss stuff, tooOops. Forgot to input that slip. (and look at that shoebox above)Thankfully, not too often. We have processes to do it right the first time, and to catch it when we miss it. We have a review process,  but... we're human. The good thing is, when screw up, we don't leave a clamp or sponge inside you. Our errors are fixable, usually at very little cost, if we find it early enough.Third: It's complicatedTax law is complicated, and getting worse by the day.So lemme see. You have a US LLC, a Canadian ULC, your wife is a US citizen, you work in 3 countries, and you earn $40,000 in total. So you can only afford to pay us $12 to prepare your returns, but you want them to be perfect?Yes, I exaggerate, but sometimes you have to be "practical" about how deep you're going to go to get to the "right" answer.In my area - crossborder Canada-US tax - it's even more challenging, because we have to take two complicated, ugly systems, and try to marry them. The answers are often bad, even when they're right.We try to get it as right as we can, under the circumstances. I think we do an excellent job in our firm - better than most - because our reputation is very important. But I recognize the reality that's out there.
What's a full form of “computer”?
Computer-C-CommonlyO-OperatedM-MachineP-ParticularlyU-Used forT-TechnologyE-Education andR-ResearchA computer is a machine of common purpose that can be programmed to carry out a predetermined set of logical and arithmetic functions. It can take instructions • often known as programs, and execute them.It can be of many types includingDesktop computersLaptops,NotebooksTablet.PDA(personal digital assistant)WorkstationMainframeSupercomputerServerWearable ComputerNetwork ComputersMost common parts of computer are Random access memory(RAM), a processor (CPU) and a set of registers.
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