NFL 2014 season underway, along with the taxable betting

Georgia, Indiana and Uncle Sam work to stop tax refund fraud

IRS says 5 more staffers lost possible Tea Party-related emails

NFL 2014 season underway, along with the taxable betting

Sunday, September 07, 2014

The thing I find most interesting about the much talked about map of NFL team fandom across the country is that the Dallas Cowboys apparently have lots of supporters in much of Nevada.

This map (click it for a larger view) shows the favorite professional football team in every U.S. county based on the National Football League team that Facebook users in that county have "liked" the most per Facebook Data Science tallies. Read more about the map and fans of professional football in The Atlantic.

Maybe there are lots of transplanted Texans -- former Lone Star State residents, not the players on the state's other, less liked/followed NFL team -- in Nevada.

Or maybe folks in the Silver State like the Cowboys so much because they offer such fun and potentially profitable betting options. You never know what circus ringmaster team owner Jerry Jones or his crazy team will do and when it might pay off, both in bets or on the field.

Nevada is the only state where sports books operate. And with the arrival of the full NFL season, the bets on the 'Boys and the 31 teams abound.

The winning bets paid by casinos in Las Vegas, Reno and other Nevada betting parlors are taxable. The Internal Revenue Service loves these bets accuse they are legal and, thanks to third-party reporting rules, easily traceable.

But remember, income from all bets -- legal, illegal and even your fantasy football winnings -- are considered taxable income by the IRS and most state tax collectors.

OK. With that tax warning duly issued, it's time to enjoy today's games.

And good luck with your wagers.

Betting odds on NFL oddities: If you're looking for some more offbeat antes, check out these 19 NFL bets beyond just the weekly scores that some folks already are putting money on.

As with the similar Super Bowl prop bets, they cover just about any eventuality that gamblers can imagine.

You get 20 to 1 odds that Johnny "Football" Manziel will be named Rookie of the Year and that his Cleveland Browns will make the playoffs.

Chances are better, 2 to 1, that Manziel will be fined sometime this regular season.

My favorite bet, though, is that Jason Garrett won't make it the full season as the Cowboys' head coach. Odds are 3 to 1 that the underperforming redhead will be the first NFL head coach fired.

In fact, I like that bet so much that I'm making 3 this week's By the Numbers figure. And I'm betting that odds soon will be even on a change in the Cowboys' coaching ranks.

You also might find these items of interest:

Posted on Sunday, September 07, 2014 at 02:27 PM in Gambling, Pop Culture, Sports, Tax numbers, Taxes | Permalink | Comments (0)

Tags: betting, Dallas Cowboys, Facebook, fans, federal tax bill, football, gambling, Jason Garrett, Johnny Manziel, kickoff, NFL, tax, taxable income, taxes, Texas

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Today's Tax Tip

Tax penalties could add to your IRS bill — No one likes to pay the Internal Revenue Service more than necessary, but that happens when you're hit with tax penalties. So take your taxes seriously, especially when it comes to filing and paying on time, or you could end up owing Uncle Sam more due to these add-ons. Some tax penalties are set, but others face changes every year due to inflation. Here's a look at what's ahead on the tax penalty front in 2024. (Nov. 25, 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

OK, some about Kay

Kay Bell — Native Texan
(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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Tick ... Tick ... Tick

It's the final
2023 tax countdown!

It's over! We cleared 2023's extended filing deadline, unless you get more time because your filing was affected by a major natural disaster, military service, or some other Internal Revenue Service recognized special situation. If that's you, be sure to check out all the ol' blog's earlier Tax Tips, listed by month just under the old-school No. 2 yellow pencil tip atop this column.

For most of us, though, the passage of Oct. 16 means it's time to focus on the Form 1040 that we'll file next year. In most cases, we have until Dec. 31 to make moves that will reduce our still accruing 2023 tax bill.

The countdown clock below should help us from missing out on making important tax-saving moves the rest of this year. Plus, the Tax Moves below the counter will list some timely tasks to take care of in each of these final 2½ months of 2023.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

Ho 🎅 Ho 🎅 Ho!
December is here!
You better watch out. You better not cry. But you better make some year-end tax moves this December or next April 15 could turn out to be the tax equivalent of Santa Claus putting coal in your stocking.

Click image to hear a musical Santa message from Bruce Springsteen.
St. Nick can't deliver a festively wrapped, already prepared tax return for you (unless he's even more magical than I think!) to file next year, but he does have a tax connection. Santa's tracking of naughty and nice boys and girls basically is the same method that the Internal Revenue Service uses. That's why we all need to be nice, especially to ourselves, in this final month of the year by making some important tax-saving moves. Let's get to it!
Dec. 1: This last filing season was more-or-less back to pre-COVID-19 pandemic normal, but if your own personal filing circumstances remained a mess, it's time to act. Maybe you realized you need professional tax help. If so, now is the time to find a tax preparer who can help ensure your return filing next year goes more smoothly. You have lots of options.There's also a December bonus. If you hire a tax pro this month, you might get some year-end tax tips!

Dec. 4: Are you taking on a variety of gig work to make some extra holiday cash? Those added jobs mean you're an independent contractor. And that means you're responsible for paying income taxes due on the money, as well as any self-employment tax. Now is the time to start gathering those records and tallying this taxable income so you're not surprised at filing time.

Dec. 11: If your job, over the holidays or full-time, is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you get extra seasonal financial thanks this month for doing your job well. Remember, though, that those tips are taxable income

Whether you're dining at your favorite eatery, or during the coronavirus pandemic discovered you really like 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 November for your extraordinary services 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.

Dec. 15: Christmas is just 10 days away! If you're still shopping for gifts, you're probably searching for the perfect present online. But beware and be wary. Internet crooks also are logged on, looking to steal your money and identity, using many of the techniques they employ in tax scams. Any personal information they get now can be used at tax time to file a fake return in your name and claim a fraudulent refund. So be careful out there, now and next filing season, and, well, unfortunately all the time.

Dec. 18: Many of us are trying to concentrate this final work week before Christmas. As far as taxes go, it's a good time to revisit your estimated tax situation, especially if you got some money from those previously mentioned gigs. Since these amounts typically aren't subject to withholding, you'll need account for the December earnings in your January 2024 final 1040-ES amount for 2023.
Better to know that amount now, than on Jan. 16's due date.

Dec. 22: It's Christmas Weekend! That means holiday treats, final decorations — or first, if you wait until the very end to get a tree — and frantic last-minute shopping! Rather than worry about how you'll get the perfect gift under the tree on time, consider instead some easy tax-favored gifts. Open a Roth IRA for your child or grandchild who earned some money this year. Or pay tuition for classes that will start in the first quarter of 2024 by Dec. 31. Those college costs then can be used to claim the American Opportunity Tax Credit.

Dec. 24: Christmas Eve!
No taxes tonight. It's early to bed for kiddies of all ages. Santa's on his way!

Click image to watch
Santa's delivery route as tracked by NORAD.

Dec. 25: Merry Christmas! My gift to you is another day without tax thoughts.
Just enjoy the holiday and your family and friends.

Dec. 26: Happy Boxing Day. This unofficial holiday on St. Stephen's Day is celebrated by additional giving.
If you donate to your favorite charity on this Boxing Day or any other day by Dec. 31, on your 2023 taxes you'll have to itemize your gifts on Schedule A to claim them. The option to claim a limited amount directly on your Form 1040 expired at the end of 2021. What didn't expire is the IRS' tax donation deduction rules.

Dec. 31: This is it. The drop-dead deadline to make most 2022 tax moves. A quick and easy action today is to zero out your medical flexible spending account (FSA) by buying over-the-counter medications for which the funds can be used. This is especially important if your employer doesn't offer a grace period to use the money or let you roll it over into 2024. Without those alternatives, you'll lose any FSA funds you don't use.

Done? Great! Make sure the champagne is chilling and settle in for your New Year's Eve party or a cozy night at home with your friends and loved ones. Either way, cheers and Auld Lang Syne as the ball drops at midnight.

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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Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "The Truth About Paying Fewer Taxes," is for all y'all.

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You can read more
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Kay Bell helps you build
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Kay Bell breaks down taxes and
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A collection of Kay Bell stories
is included in
"The Gambler's Guide to Taxes:
How to Keep More
of What You Win"

Tax Reading Room
You also might enjoy these other tax tips from some of my tax-writing colleagues:
JK Lasser 2023 taxes
Dealing With the IRS
JK Lasser 1001 Deductions
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Kudos Et Cetera

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I gotta tell ya ...

AKA Disclaimer:
I am a professional journalist who has been covering tax issues since 1999.
I am not a professional tax preparer.
The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It is provided for your private, noncommercial, educational and informational purposes only. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

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

COVID-19 Resources

Need help finding a coronavirus vaccine in the United States?
Call 1-800-232-0233
or TTY 1-888-720-7489.
More information and resources at:
CDC Vaccines
CDC Booster Shots
HHS Combat COVID
USA.Gov COVID Info

December 2023

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Photo by Isaac Martin on Unsplash

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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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