I'm not a basketball fan, but I hear tell that the men's collegiate roundball tournament moves to an important stage today, the Sweet 16.
I'm also not a bettor on sporting events, but I also hear tell that the annual NCAA basketball playoffs provides Nevada with its second largest take of gambling money, just behind the Super Bowl.
So I want to remind all you betting basketball fans that you need to consider more than just tournament brackets. Income tax brackets count, too, since the IRS wants its part of any dinero you rake in during March Madness.
I know you've got a lot to do, what with analyzing the match-ups and finalizing your picks, so I won't go into details right now.
But when you're ready to consider the tax ramifications of your gambling, you can read more in Bet on it, gambling winnings are taxable.
And good luck!Related posts:
- Bet on it, gambling winnings are taxable
- IRS is big Super Bowl loser
- Internet betting gets another advocate
- Federal court halts Delaware betting plan
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