Are you ready for some legal Super Bowl betting beyond Nevada?

5 February tax moves

Super Bowl prop bets could pay off nicely for gamblers and the IRS

Are you ready for some legal Super Bowl betting beyond Nevada?

Saturday, February 02, 2019

Super Bowl Sunday is the single largest betting day of the year. And now, Nevada is no longer is the only state where bettors can place legal sports wagers.

A historic Super Bowl LIII will finally kick off in Atlanta late Sunday, Feb. 3, afternoon. It's the is the first National Football League championship game where legal sports gambling has expanded beyond Nevada.

Bettors now also can head to casinos or other betting establishments in Delaware, Mississippi, New Jersey, New Mexico, Pennsylvania, Rhode Island or West Virginia to put their money down on the NFL's biggest game.

You can bet that state lawmakers in the other 42 states will be keeping an eye on how the sports wagering goes in those seven states that are getting their first taste of legal Super Bowl gambling transactions.

The added betting options are the result of the U.S. Supreme Court's decision last May that deemed unconstitutional the Professional and Amateur Sports Protection Act (PAPSA), the federal law that for more than a quarter century had effectively limited sports betting to Nevada.

Sports betting changes game for gambling ahead of the Super Bowl from CNBC.

New Jersey led the lawsuit that resulted in the High Court's overturning of the limited locations where sports bets can be legally placed. Marcus Glover, president and chief operating officer of Borgata Sportsbook in Atlantic City, N.J., recently talked with CNBC's Contessa Brewer in the video above about how legal sports betting will impact casinos in locations where sports betting is available this Super Bowl Sunday.

By the time the next Super Bowl rolls around, some in the gaming industry are predicting as many as 20 other jurisdictions will be accepting legal sports bets. Arkansas, Oregon, New York and the District of Columbia appear to be the furthest along in taking such steps, according to the American Gaming Association, the national trade group representing the U.S. casino industry.

Under-the-table bets still taxable: The Internal Revenue Service no doubt joined wagering sports fans in cheering the Supreme Court's ruling.

The expansion of legal sports gambling means that the tax agency will get official documentation of bet payouts. That makes it much easier for the IRS to ensure that the lucky gamblers pay the tax due on their winning wagers.

Realistically, though, most U.S. bettors don't live near a sportsbook where they can place legal Super Bowl bets.

That doesn't matter to the IRS, which doesn't care one whit how you get your money. It just wants it's cut. Case in point: Al Capone.

And regardless of whether your winning wagers come from a casino or betting parlor in one of the eight states accepting legal bets on the New England Patriots-Los Angeles Rams outcome or from your neighborhood bookie, the amount you win is taxable income.

Uncle Sam obviously won't get all he's due since there are so many more, at least right now, illegal than legal sports betting outlets.

But since I know all the readers of the ol' blog are law-abiding, I'm pointing you to an earlier post on how you can report your Super Bowl (and all gambling) winnings to the IRS.

Super commercials, too: I usually don't care who wins the Super Bowl. That's because my Dallas Cowboys have been so playoff impotent for way too many years.

I do, whoever, like to watch the commercials. Yeah, I know. In recent years, the really great Super Bowl commercials have been far and few between.

That's why I usually record the game so I can buzz through the on-field action — see above mention of sucky Cowboys — to watch the specially created television spots. And maybe the halftime show. Or not. Not this year. Maroon 5. Really?

But I digress. Back to the commercials.

Recording was the plan again this year, but today's Saturday Shout Out means I don't have to take up valuable DVR space.

AdAge has collected all the 2019 Super Bowl television spots that have been released early.

The advertising trade magazine notes that this year, plenty of brands again have released their Super Bowl ads early in hopes of getting a little pre-game buzz. You also can check out what's sill to come at Ad Age's Super Bowl ad chart, which it says it will continually update until game time.

Enjoy the TV spots, halftime show and, if that's your deal, the game.

Me, I'm just hoping there's no creepy "Puppy, Monkey, Baby" type commercial this year.

You also might find these items of interest:

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Posted on Saturday, February 02, 2019 at 02:07 PM in Gambling, Pop Culture, Shout Out, Sports, State/Local, Taxes | Permalink | Comments (0)

Tags: Atlanta, bets, betting, gambling, halftime show, Las Vegas, Los Angeles Rams, Maroon 5, Nevada, New England Patriots, New Jersey, NFL, PAPSA, Professional and Amateur Sports Protection Act, sports betting, Super Bowl, Super Bowl televisions ads, Supreme Court, tax, taxes, wagers

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Today's Tax Tip

Student loan repayment tips — Around 40 million former college students had their loan repayments put on pause during the COVID-19 pandemic. This month, those payments are back on schedule. Check out these 4 tips to help you deal with the resumption of this higher education obligation. (Oct. 1, 2023)
The 2023 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

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Tax Season 2023 Continues!

Tax Day 2023 is finally over … unless you're one of the millions who have more time to file — looking at you taxpayers abroad and those in major disaster areas — or you got an extension to file your 2022 tax year return. That's fine. In fact, the Internal Revenue Service appreciates some of us spreading out our filings, especially when it means we are taking the time to submit a complete and correct return.

This tax focus shift means the ol' blog will continue to provide filing tips through the Oct. 16 extension deadline. Yep, it's a day later this year, since 10/15 is on Sunday. But I haven't forgotten my organized taxpayer readers, who are looking for ways to reduce their 2023 tax year bills. Yep, that amount already is adding up, but there are moves you can make. The monthly tips and reminders a little further down this column can help everyone, regardless of which tax year now is in your sights.

Those on extension should also keep a keen eye on the countdown clock below. It will help you track the days tick, tick, ticking off toward that absolutely final fall filing due date. They'll speed by quickly when you're having tax fun, and aren't we always having tax fun?!?
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

Hello 👻 👻 👻 Ghouls
Spooky October is here!
Halloween, of course, is one reason that October is the most BOOtiful month of the year.
But the impending mid-October extended tax filing deadline, which is on the 16th this year, also is pretty darn scary!

Read about the history of jack o'lanterns

But the October tips below should help at least ease our tax fears this month.
Oct. 1: This month, folks who borrowed money to pay for their college courses must start paying it back after a 3½-year pause that began with the COVID-19 pandemic. If you're one of the 40 million who now must come up with monthly payments, these 4 student loan repayment tips might help.

Oct. 6: The deadline for most procrastinators to file their extended 2022 tax year returns is just 10 days away. If you're going to use this first October weekend to at least start working on that 1040, check out the ol' blog's monthly tax tip links a bit higher up in this column. The January through April ones should be most helpful.

And since you'll probably file electronically, why not do it the least expensive way. For many, that's by using Free File, the online tax preparation and e-filing option that's, as the name says, free for taxpayers whose adjusted gross income (AGI) is $73,000 or less, regardless of your filing status.

It's still operational. You can select from seven tax prep companies that are part of the Free File Alliance and participating at the IRS.gov site.

Oct. 9: So we're heading into another week and you've still not finished your extended tax return. No judging. I've been there. The good news is that today is the legal, federal Columbus Day holiday or, in many states and cities, now designated Indigenous People's Day. If you don't have to go into work, this is a great day to work on your soon-due tax return.

Oct. 10: If your job is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you got lots of financial thanks for doing your job well. Remember, though, that those tips taxable income

Whether you're dining in or, still COVID leery and getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.

And if you got at least $20 in gratuities in September for doing a good job as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

Oct. 16: This is it! The absolutely final deadline to file your 2022 tax year return. Not to belabor things, but in addition to the filing tips mentioned earlier in this October tax tasks list, the IRS has some suggestions on getting the job done.

Oct. 23: Now that you're finally done with your 2022 return, it's time to work on reducing your 2022 tax bill. One easy step to take now is to review your payroll withholding. If you find, whether you filed this month or back in April, that you owed a lot or got a big refund, you should use the IRS' online estimator tool to make sure a more appropriate amount of income tax comes out of each of 2023's remaining paychecks. If your withholding tweak gets you more money each payday, consider putting some of it into retirement savings, either your workplace 401(k) or a traditional or Roth IRA .

Oct. 31: Sure, it's Halloween. But even scarier than the ghosts and monsters wandering your neighborhood tonight is the knowledge that we still have another month of the Atlantic/Gulf of Mexico hurricane season ahead of us.

Florida again got whacked by a major "I" storm, Hurricane Idalia, which also did major damage in Georgia and South Carolina. Others have churned out in the Atlantic this fall, so don't let up on storm preparations. The best we can do is be ready for the next system (or whatever possible disaster is common in your area). And we're likely to get at least one more tropical system, since the season officially runs through November. The countdown clock below can help you keep track of how many more days we have to worry about tracking tropical storms.

If (when) that happens, the ol' blog's special Storm Warnings pages also can help, whether you're preparing for, recovering from, or helping those who sustain damages from the many ways that that weather goes wild. That includes claiming uninsured losses from a major natural disaster as an itemized tax deduction.

Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509.

State Tax Help

Don't forget your state taxes!
Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2023 page.

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COVID-19 & Taxes

Coronavirus has wreaked havoc
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These five Coronavirus (COVID-19) and Taxes pages have details:
March-July 2020
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January-December 2021
January-December 2022
…and so it continues into 2023
You can find medical coronavirus resource links in the next section.

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October 2023

Tell it to the Hill

While it's easy to rail at the IRS, for the most part we can thank — or blame — our tax laws on Congress and the White House. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

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