Posts Tagged Sweepstakes Taxes
By on Thursday, December 29th, 2016 | 169 Comments
About sweepstakes taxes and according to the US law, prize money won in any form should be reported along with your income to the tax authorities by the end of the year when you file your tax accounts without fail.
Do You Pay Taxes on Sweepstakes Winnings?
It enables them to keep proper track of where and all the money goes, especially the prize money. The rules pertaining gambling are a little bit different. Casinos are to withhold taxes for prize money that is equivalent to 600 dollars and above. Pertaining rules and regulations are given in detail in the IRS forms. Tax expert’s guidance is mandatory while you are initially preparing your blueprint for the sweepstakes. The rules and regulations are to be scrutinized well before publication and any discrepancies are to be corrected instantaneously to avoid any litigation in the future.
Why do you have to pay Sweepstakes Taxes in the US? One of the important revenues for the government comes from the taxes paid for the sweepstakes by the sponsors. Since, it is similar to the lottery schemes the taxes levied are quite heavy though. Hence, the income amount is also quite substantial enough for the federal and state governments. It is hard to persuade them to evade these taxes that bring vital income to their treasury. Read more... (445 words, 1 image)
By on Monday, February 1st, 2016 | 32 Comments
fordeventsweepstakes.com – Ford SUV Season Sweepstakes. Car Sweepstakes 2016. Enter Fordeventsweepstakes.com – The Ford Event Sweepstakes Giveaway Sweepstakes for a chance to win $30,000 towards a Ford Vehicle! $30,000 voucher good for the purchase of one of the following 2016 Ford vehicles: Fusion, Focus, Escape, Explorer and F-150. In addition, enter for a chance to win $500 Check! Indeed, $500 awarded in the form of a check made payable to the winner. This is your chance to win a brand new car! Ford Motor company offer a wide variety of reliable car that will suit your needs! From cars to SUVs or from their well known Ford’s F-Series truck who has been the best-selling vehicle in America, Ford’s vehicles have always been synonyms to durability and power! Ford is America’s best-selling brand of utility vehicles.** Read more... (608 words, 1 image)
By on Friday, February 14th, 2014 | 236 Comments
One may have confused about paying taxes on prize wins, but yes, it is true that you need to pay for your net income, whether it is from the prize. Winning a reward from a lottery, quiz show or some other event can be a withdrawing experience, but it is significant not to expend the full quantity of your prizes. The Internal Revenue Service (IRS) taxes awards won just like any other basis of revenue. According to the IRS (irs.gov), prize money earned must be stated in standard 1040 tax form as “other income.” The overall amount of tax you will have to reimburse on prize earnings is founded on your bordering central tax amount plus any appropriate state taxes. You can compute an approximation for paying taxes on prize wins from your tax return from last year. Read more... (462 words, 1 image)
By on Thursday, August 29th, 2013 | 32 Comments
Congratulations, you’ve won the sweepstakes. Please be sure to pay your taxes on your winning’s as shown on line 12 of the form enclosed. Have you ever received a notification like this? I hope not, it could be fraudulent. Many scams are out there and take advantage of people that don’t know when or how to pay taxes upon a sweepstakes winning. Here is what you need to know. Paying Taxes; How to? If you’re the lucky winner of a sweepstakes, you may be notified but never receive your winnings. A letter is sent out demanding tax payments prior to your being sent your winnings. Never pay this tax. You pay the IRS not the sweepstakes itself. Read more on how to pay your sweepstakes taxes. Read more... (322 words)
By on Wednesday, April 10th, 2013 | 14 Comments
It may seem a little harsh when you win that free holiday that the IRS Taxes comes knocking on your door asking you to pay tax on it. Well, unfortunately one of the hidden costs of doing sweepstakes is that you must pay taxes on sweepstakes winnings. So if you don’t want to have IRS tax problems be informed. The implications of not recognizing the need to pay taxes on sweepstakes winnings can be significant. You may be doing sweepstakes to supplement your income because you do not have much spare cash for those kinds of luxuries. Well, if you win some nice prizes be warned that they could come at a heft price as the taxes on some of the higher end physical non-monetary prizes could be significant. Read more... (417 words, 1 image)
By on Wednesday, September 5th, 2012 | 100 Comments
Do you have to pay taxes on a winning prize? Making money through sweepstakes is not just restricted to a few fast bucks alone. Sometimes it could be big jackpots too. Even though it is quite rare but it is something that can really happen to you too one day or the other. You could grab those millions of dollars and other fabulous prizes through the sweepstakes from bit sponsors. It is why there is always a huge crowd flurrying in to get their entries done at the earliest possible for prominent sweepstakes all the while. So what If I win a car, do I have to pay the Taxes? Taxes are to be paid all the while whenever you win a prize. There is no escaping from taxes. Exemption for the taxes are also there regarding which you will be informed while entering into the contract in the affidavit. Read more... (424 words, 1 image)