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Gambling Income and Losses

CLG Professional Services
June 10, 2011
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The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525,...

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Earnings for Clergy

CLG Professional Services
June 10, 2011
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For income tax purposes, a licensed, commissioned, or ordained minister is generally treated as a common law employee of his or her church, denomination, or sect. There are, however, some exceptions such as traveling evangelists who may be treated as independent contractors. If you are a minister performing ministerial services, you are taxed on wages, offerings, and fees you receive for performing marriages, baptisms, funerals,...

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Stock Options

CLG Professional Services
June 10, 2011
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If you receive an option to buy stock, you may have income when you receive the option, when you exercise the option, or when you dispose of the option or stock received when you exercise the option. There are two types of stock options: statutory stock options and nonstatutory stock options. Generally, options granted under an employee stock purchase plan or an incentive stock option (ISO) plan are considered statutory stock...

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