Don't Mess With Taxes

Kansas City Chiefs star quarterback (and Texas Tech alum) Patrick Mahomes is back in action tonight as the NFL kicks off its 2020 season under special COVID-19 rules. (Image via GIPHY) The United States is going to try a bit of normal tonight with the kickoff of the 2020 National Football League season. Sure, America's favorite spectator sport is not quite there. The coronavirus pandemic means that the stands at Arrowhead Stadium won't be full as the reigning Super Bowl champion Kansas City Chiefs take on the Houston Texans. But most of us will be watching the NFL on television,... Read more →

The coronavirus pandemic has not only affected sports leagues, athletes and fans, but also gamblers and the state tax collectors that have come to rely on that related tax revenue. Shortened seasons, revised playoff rounds, cardboard fans in stands. Still, Americans' love of sports and boredom with COVID-19 self-isolation, along with the events being televised, has helped the seasons continue. But the actual reduction in the games mean fewer events on which to place bets. Unless bettors make that up by betting more on the remaining games, associated revenue, tax and otherwise, is likely to fall. And now a new... Read more →

I admit it. When I make an occasional foray into the coronavirus world, which is a quick trip to my local grocery every 10 days or so to buy milk, I look at the lottery ticket machines. Did you know that the Mega Millions jackpot is $255 million? Powerball is a relatively paltry $77 million, not that I'd turn it down if my numbers came up. And yes, I did buy tickets. Why, ask my more frugal and fiscally conservative readers? Because I'm bored. There's only so much to stream or read or rewatch or reread. The possibility of being... Read more →

Updated Saturday, Feb. 12, 2022 Thanks to a 2018 Supreme Court ruling, many other states have joined Nevada in accepting bets on sporting events. But casino operations like this one in Las Vegas still get plenty of action on days like Super Bowl Sunday. Happy Tuesday to everyone who skipped work yesterday. I hope you've fully recovered from your Super Bowl hangover. I also hope that at least some of your prop bets on the NFL championship game also paid off. So does the Internal Revenue Service. All your Super Bowl winnings, as well as any other gambling proceeds are... Read more →

Are you having some trouble getting fired up for Super Bowl LIV? I feel ya. It's hard when your team isn't one of the competitors. But as a lifelong Dallas Cowboys fan, I've learned over the last 24 years — yes, that's how long it's been since Them Cowboys were in the National Football League championship game — creative ways to pique my interest in the annual match-up. This year, for example, it's pretty easy to find a reason to watch. Kansas City Chief's star quarterback Patrick Mahomes is not only a native Texan like the hubby and me, but... Read more →

Yes, I bought a ticket for the Jan. 29 Powerball. I always do when the jackpot of that and the other national lottery, Mega Millions, gets into the, well, mega million-dollar range. No, I didn't win. Again. Last night's Powerball payout, which had climbed to $396.9 million, is going to the lucky person who bought the winning ticket in Florida. Yes, I am contacting my Sunshine State friends and relatives! In addition to the one big winner, three other Powerball tickets worth $1 million each went to ticket holders in Ohio, Virginia and, again, Florida. If you're one of the... Read more →

And be ready to pay tax on your winnings Quarterbacks Patrick Mahomes of the Chiefs and Jimmy Garoppolo of the 49ers will lead their teams Sunday, Feb. 2, in Super Bowl LIV. Quarterbacks Patrick Mahomes of the Chiefs and Jimmy Garoppolo of the 49ers will lead their teams Sunday, Feb. 2, in Super Bowl LIV. I've been to Las Vegas. I love that city. But I know nothing about betting. My gambling, aside from a half hour or so at a Sin City slot machine years ago, is losing a few bucks on a lottery ticket every time the Powerball... Read more →

The individual tax filing season doesn't officially open until Jan. 27, but you're ready to file your taxes. Or are you? Tax filing, whether you do it yourself via tax software that you buy, use online or access via Free File or hand off the annual task to a tax pro, requires its own specific preparation. You've got to have all your tax-related documentation before you can start filling out that Form 1040. Here's a checklist of forms and documents you'll need to complete your taxes, as well as a look at tax situations you need to consider before filing.... Read more →

Today, Nov. 5, 2019, voters in seven states — Colorado, Kansas, Maine, New Jersey, Pennsylvania, Texas and Washington — will decide, among other things, 32 statewide ballot measures. It's a variety of state constitutional amendments, initiatives, referendums, propositions and non-binding advisory recommendations. Tallying Texans' takes on taxes: Here in Texas, we're voting on four tax-related items. All are legislatively referred constitutional amendments. As the name indicates, the Texas legislature voted to put the questions to voters instead of taking up the matters themselves during the legislative session. It is a form of direct democracy. But it's also, as I see... Read more →

Historic Saratoga Race Track main stands as depicted on a 1907 postcard. (Scanned by Dave Parker; available via Wikipedia Commons) Remember Tax, the horse that ran in this year's Kentucky Derby? The 3-year old gelding didn't fare so well at Churchill Downs, coming in 14th. He did better in another Triple Crown race, coming in 4th in the Belmont Stakes. On Saturday, July 27, Tax finally notched another win. Tax pulls off the upset in the G2 $600K Jim Dandy! pic.twitter.com/AAmPOqwBiz — TVG (@TVG) July 27, 2019 He took the Jim Dandy in Saratoga Springs, New York. It was Tax's... Read more →

I admit it. I'm freaking out with this pre-All Star break slump that the Houston Astros are experiencing. My only consolation is that my pain is all emotional and psychic, not monetary since I don't bet on sporting events. I, however, apparently am in the minority. Now that sports gambling is legal, it's going gangbusters in the states where it's been approved. N.J. bettors take over: That's definitely the case in New Jersey, the state responsible for the Supreme Court ruling back in May 2018 that overturned federal law outlawing sports wagering in most parts of the United States. The... Read more →

James Holzhauer's epic winning run on Jeopardy finally came to an end, leaving him with winnings of almost $2.5 million. The take fell just short of the television game show's record winnings, but neither Holzhauer nor the tax collectors who'll get a nice chunk of the cash are complaining. James Holzhauer finally learned you can't win 'em all. It's been a good week for gamblers. For tax collectors, too. A 66-year-old North Carolina retiree came forward to claim the $344.6 million Powerball drawing, which he won thanks to numbers from a fortune cookie. A yet-to-be-announced lottery player in San Diego,... Read more →

Photo by Fisherga via Flickr CC The Preakness, the second leg of horse racing's Triple Crown, is Saturday, May 18. As a former Maryland resident, the 144th running of the race the Black Eyed Susans will be somewhat bittersweet. It could be the last time the legendary race will be held at Baltimore's Pimlico Race Course. It also will not lead to a Triple Crown winner. Preakness problems: Country House, the eventual Kentucky Derby winner after Maximum Security, who crossed the Churchill Downs line first, was disqualified, will not run in this year's Preakness. By opting out of the Baltimore... Read more →

In a few hours, we'll find out which thoroughbred will be wearing this year's coveted Garland of Roses. (Photo by Craig L. Duncan via English Wikipedia [CC BY-SA 3.0]) OK Tax and tax fans, have you placed your Kentucky Derby bets yet? By now, you know that tax, in addition to being the main focus of my professional writing life also is the name of a horse entered in today's 145th Run for the Roses at Churchill Downs. Betting basis: Is Tax a good bet? Depends on what you want to get out of it. If you have some spare... Read more →

Tax working out this week in front of Churchill Downs' iconic Twin Spires. (Photo courtesy @DeanDorton via Twitter) The first time I bet on a horse I was just 9. My family was vacationing in Ruidoso, New Mexico, and my dad put $2 on the quarter horse I selected the day we visited Ruidoso Downs. I can't remember why I chose that horse in that race, but I do remember it won. I also remember the last time I bet on a horse. It didn't win, but I do remember why I picked it. It had the same name as... Read more →

Michael Cohen (left) and Tom Arnold run into each other in New York City in June 2018. (Photo via Tom Arnold on Twitter) Michael Cohen, Donald J. Trump's former attorney and previously self-described fixer, is heading to federal prison in a couple weeks. But in a recent conversation with actor Tom Arnold, Cohen said he didn't commit all of the crimes for which he will do time. Specifically, according to the story on the telephone discussion that the Wall Street Journal broke, Cohen says he's not guilty of tax evasion, one of the charges for which he's going to jail.... Read more →

Photo by Will Keightley via Flickr CC Afraid you'll face an Internal Revenue Service audit? Don't bet on it, says a veteran oddsmaker. The tax audit odds for 2019 will be approximately 1 in 172, says SportsInsider.com's James Murphy, a sportsbook consultant and specialist in novelty betting odds. 25% of filers worry about audits: That slim audit possibility, however, didn't seem to affect folks who participated in a LexingtonLaw survey conducted before this tax season started. The Salt Lake City-based law firm found that a quarter of Americans are afraid they'll be audited. Older filers are more worried. Thirty-three percent... Read more →

March Madness is heating up. We're down to the Elite 8. I usually don't pay too much attention to college basketball, or college sports in general. I follow the professional games because I like to yell at the players, and I feel much more comfortable cursing guys who're pocketing beaucoup bucks instead of unpaid college athletes. I am in the minority, even in my house. The hubby has been sneaking some TV time watching the NCAA men's basketball championship tournament, though truth be told that's mainly because our alma matter, Texas Tech, is doing pretty well. Only the ELITE remain!#MarchMadness... Read more →

UPDATE, Thursday, March 28: Well, I'm not the new Powerball multimillionaire. The lottery jackpot, which hit $768.4 million before the drawing last night, is going to the lucky person who bought the winning ticket in New Berlin, Wisconsin. But save this post. There will be other chances to win! Yes, I bought a ticket for the March 27 drawing of the $750 million and counting Powerball lottery. Yes, I know the odds of winning the jackpot, which is the fourth largest Powerball prize in U.S. history, are about 1 in 292 million. I know many of my hardcore personal financial... Read more →

There was national anthem controversy at Super Bowl LIII, but it wasn't about what the players did during the song. It was about how long it took Gladys Knight to sing the Star-Spangled Banner and how it affected the associated prop bet. If you did come out on the winning side of the song, here's how to report that and other taxable gambling income. There's no disagreement that Gladys Knight's Star-Bangled Banner was magnificent. However, gamblers had some issue with how long the song lasted, which was one of the prop bets wagered on the game and its ancillary events.... Read more →