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Taxes: Know your way around these issues to prevent problems | Money Matters

 

Last updated 4/1/2021 at 9:41am



Here are six tax topics that seem innocent but can cause problems if not handled correctly.

Gambling winnings: If you receive a tax form at a casino for your winnings, that information is sent to the tax authorities. Since the form typically only contains the amount you won, save copies and records of any gambling losses.

Maturing CDs: Be careful with maturing CD’s in a retirement account that are rolled over into new CDs. Your financial institution may provide you with tax forms showing the distribution, but not the rollover. You will need to account for this on your tax return. In this...



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Reader Comments(1)

Debra Arthur writes:

Thanks. I give everything to charitable orgs. I do not even use that as a tax deduction... Its even nicer that way. I give thousands away every year...I deduct none of them. Why, trying to help. Not take. Besides if done honestly..the amount your give away of things is maybe 10 % of the value and the cost for Xtra forms required by IRS and their filling them out reduces any real benefit. Now if you are in not great or even good financial condition and able to itemize go for it. But don't expect it to help much. Good luck.

 
 
 

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