The Biggest Loser on Super Bowl Sunday
There are plenty of big winners on Super Bowl Sunday. There are also plenty of losers, perhaps none bigger than the IRS.
Kay Bell, who has an excellent tax blog, and I recently chatted about this issue, common gambling tax misconceptions, and plenty more.
The result from our conversation: Her well-written and informative piece at Bankrate. An excerpt:
The IRS has no official idea how much tax money it doesn’t collect from lucky gamblers. But even if the tax agency ventured a guess, it likely would be low, since there are so many under-the-radar ways for gamblers to play.
Enjoy the game on Sunday, and be sure to eat and drink too much. B-)
P.S. For those expecting a follow up to yesterday’s piece, check back early next week.