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☆ Won (or lost) your March Madness bets? Don’t forget to report them on your taxes
▼ + stars: | 2024-04-09 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

New York CNN —If you won big on bets you made for the March Madness men’s and women’s NCAA tournaments, enjoy the money. So if you made bets last year, here’s what you need to do on your 2023 tax return, which is due for most people on April 15. Your winnings also may be subject to state tax, unless you live in the dozen or so states that exempt gambling winnings. It will then be up to you on your tax return to square whether you owe more or less on your winnings. So say you won $1,000 in 2023 at the tables in Vegas, but you lost $1,500 betting on last year’s March Madness tournament.

Persons: ”, Mark Luscombe, Luscombe, ” Luscombe, Daniel Rahill Organizations: New, New York CNN, NCAA, American Gaming Association, IRS, Wolters Kluwer, Accounting, Wintrust Wealth Management, Illinois CPA Society Locations: New York, Vegas

Schedule C is a tax form for self-employed people to report business income. You do so on a tax form called Schedule C.See Insider's picks for the best tax software >>Here's what to know about Schedule C and its filing requirements. What is the Schedule C tax form? Schedule C is a form that self-employed people have to file alongside their tax return, or Form 1040. Schedule C frequently asked questionsDo I have to file a Schedule C?

Persons: It's, —, Kristine Stevenson Seale, Seale, Mark Luscombe Organizations: Service, CPA, Wolters Kluwer, Accounting, NEC, IRS, Insurance Locations: Austin , Texas

☆ New IRS rules mean your paycheck could be bigger next year
▼ + stars: | 2022-10-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Here are some of the big changes the IRS is making:Income tax bracketsThere are seven different federal income tax rates at which earned income is taxed: 10%, 12%, 22%, 24%, 32%, 35% and 37%. The IRS inflation adjustments amount to a roughly 7% increase in each bracket. The standard deduction is the dollar amount that those who don’t itemize deductions can subtract from their adjustable gross income before federal income tax is applied. That money is deductible so it will reduce the amount of tax taken out of your paycheck. Earned Income Tax CreditThe Earned Income Tax Credit (EITC) enables low-income workers to keep more of their paycheck.

☆ Lose big on crypto? Here’s how to reduce the sting
▼ + stars: | 2022-08-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

You’d have a long-term capital loss of $26,000, because you held the investment for at least a year. You can fully offset the tax owed on your $10,000 capital gain with $10,000 of your capital losses on your 2022 tax return. Here’s why: For tax purposes, crypto assets are classified as property, not securities. Lawmakers have already proposed expanding the wash-sale rule to cover crypto and other assets in proposed legislation. “This rule may be changing in the future, but for 2022, crypto assets are not subject to the wash-sale rules,” Pon said.

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