Taxation of Gambling Winnings in Nebraska

Have you run into tax problems because of gambling winnings? Winning big can be incredibly exciting, but there are a host of tax issues that can come with it.

Whether you’re an occasional player or a seasoned bettor, grasping how the government perceives your winnings is important.

Unraveling the Deduction Maze: Essential Insights

All gambling earnings are deemed taxable income. The IRS, however, permits you to offset those gains by itemizing your gambling losses.

However, it’s not merely a matter of subtracting losses from winnings. To claim these deductions, you must meticulously itemize them on your tax filings. And remember, your recorded losses must not surpass your reported gambling profits. It’s a delicate balancing act between federal and state stipulations, but with a bit of guidance, you can traverse it adeptly.

Handling Tax Disputes: Your Ally in Defense

Now, what if the IRS probes into your declared winnings? Don’t panic; BPB Tax Resolutions is here to fight them for you. 

From IRS audits to inquiries from the state, BPB Tax Resolutions will help you with even the most challenging tax disputes. They will fight for the best possible resolution in your case, giving you time and energy to focus on your life.

Why Trust BPB Tax Resolutions and Ben Butterfield?

The team at BPB Tax Resolutions, under the leadership of CEO Ben Butterfield, go above and beyond to get you the best possible result. 

With 10 years of experience and a commitment to personalized service, Ben and his team will guide you through your tax resolution case and fight the IRS for you. 

If you’re ready to regain control of your tax situation, Ben Butterfield is your advocate in your fight against the IRS. Call him today for a risk-free case evaluation!