The Hartford Courant
The 2023 Tax Season is in full swing and that means taxpayers have lots of questions about what’s new this year. The filing deadline is April 18 this year.
We asked Andrew Lattimer, the managing principal of CLA’s (CliftonLarsonAllen) Connecticut offices for some help with tax questions. His offices consisting of approximately 300 individuals in West Hartford, Marlborough, and Shelton. Over the past two years Andrew has helped his clients with the Payroll Protection Program as well as assistance with the Employee Retention Credits.
Andrew has experience with tax planning, research, and advising clients in a variety of industries including auto dealerships, aerospace, manufacturing, hospitality, consumer products, real estate, construction, technology service providers, and healthcare, as well as private equity funds. He specializes in federal and state tax returns for individuals, partnerships, and privately held businesses. Andrew also has significant experience with domestic and multinational companies, as well as S and C corporations. As a consultant, he performs cash flow and liquidation analysis and has experience in research and development credits, mergers, acquisitions, and international taxes.
Andrew will weigh in here on winnings from sports betting and other top tax questions.
Questions:
The Super Bowl 2023 is coming up Feb. 12 and millions of Americans will bet on the game featuring the Philadelphia Eagles and the Kansas City Chiefs.
Are gambling winnings taxable and what do taxpayers need to know?
Yes, gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes, but isn’t limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.
A payer may be required to issue you a W-2G, You must report all gambling winnings on Form 1040 (use Schedule 1 (Form 1040)PDF), including…
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