| Posted by: MrSticker at August 31, 2007, 8:02 pm | | Topic: New Tax Law Forum: Card Chat |
Quote: Originally Posted by mrrigel
Win loss statements are lovely if used correctly. A refund come tax time would be possible with the proper preperation if the money is withheld at payout.
Exactly! They just take 25% with the win so you don't have to pay it later with your tax return (some don't bother at all). If you apply your deductions correctly, you can get a lot of this back in the form of a refund. Study up on what is deductable and what isn't. You'd be surprised.
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