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PALAZZO & COMPANY CPA GLOBAL KNOWLEDGE, LOCAL TRUST.

13155 Shriners Blvd, Suite B Biloxi, MS 39532, United States

(228) 396-8800 or (866) 272-9224 info@palazzotax.com

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TAX RETURN SERVICES
PERSONAL TAX RETURN STATE/FEDERAL
MULTI-STATE TAX RETURNS
AMENDED TAX RETURNS
PRIOR YEAR/MULTI-YEAR REVIEW
YEAR-ROUND ADVISORY/PLANNING
EXTENSION & SPECIAL FORM FILING
IRS REPRESENTATION & CORRESPONDENCE
INCOME PROPERTY/RESIDENTIAL RENTALS

Did you know?
Not getting the refund you thought?
If you owed with previous year’s tax return and you expect the same outcome for next year, you may want to consider changing your W-4 on file with your employer or making estimated tax payments to lessen the burden. Regardless if you file an extension of time to file, the amount owed to the IRS/State is due by April 15th and will occur penalties and interest after the due date.

Tips on Reporting Gambling Winnings and Losses
Regardless of what type of gambling you may enjoy, all gambling income is taxable to you. This includes all winnings from lotteries, horse races, casinos, etc. In some circumstances, you will be issued a Form W-2G to display your winnings throughout the year. This form will also be sent to the IRS by the payer at year-end. There are certain cases in which this form will not be issued to you. Even if you do not receive a Form W-2G to report your gambling winnings, you are still required to report the income that you received from these sources. It will be deemed “other income” on your tax return for the year in which the income was received. The bright side of this reporting requirement is that your gambling losses can be included on your tax return as well. Your gambling losses, up to the amount of your winnings, during the year can be used as an itemized deduction – which could potentially help to reduce your taxable income. We would like to remind you to keep track of your gambling winnings and losses in a log throughout the year since this will be necessary in the event of an IRS examination. If you have any questions on this topic, please let us know!

Lost W-2?
The IRS offers wage and income transcripts that will list all of your tax documents for the year(s) in question. Your tax accountant can get in contact with the IRS on your behalf, with the help of a Power of Attorney form, and request these transcripts from the IRS. This will allow you to file your tax returns without the actual tax documents themselves. The wage and income transcripts do not show state withholdings; therefore, if you had state taxes withheld from your wages throughout the year, it will not be reported on the wage and income transcripts. If you fall into this category, this may not be the best method for you. If you are interested in having us obtain your wage and income transcript, we can assist you with this for a nominal fee. If you have any questions regarding IRS transcript request, please contact us today to find out if this service is right for you.

 

 

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