Gambling Losses

Before You Spend Lottery, Gambling or Other Winnings, Understand the Tax Rules

July 28th, 2026|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Dallas tax return preparer, Gambling, Gambling Losses, Gambling Winnings, IRS Reporting Rules, Lottery Winnings, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Preparation, tax preparer near me, Tax Rates, Tax Rules, Taxable Income, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , , |

It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings and other awards as taxable income. Knowing the [...]

Rules of the Game: The Right Way to Handle Gambling Winnings

March 31st, 2026|Categories: Accountant, accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gambling, Gambling Losses, Gambling Winnings, Tax, tax accountant, tax accountant near me, Tax Advisor, The Burns Firm|Tags: , , , , , , , , , |

It's not true that the "house" always wins — but it's close. Various estimates put casino "winners” — gamblers who walk away from a casino with more money than they entered [...]

New Law Reduces Tax Odds for Gamblers

October 2nd, 2025|Categories: accountant near me, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Gambling, Gambling Losses, Gambling Winnings, OBBBA, One Big Beautiful Bill 2025, One Big Beautiful Bill Act, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Do you enjoy spending time at the casino or betting on sports? If so, you need to know about a new tax law provision scheduled to go into effect in [...]

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