There’s a Tax Method to March Madness
If you’re on track for a big payday, be aware that the IRS is entitled to collect its fair share. What’s more, unbeknownst to many taxpayers, a winning bracket can also cause state income tax complications.
If you’re on track for a big payday, be aware that the IRS is entitled to collect its fair share. What’s more, unbeknownst to many taxpayers, a winning bracket can also cause state income tax complications.
March happens to be the one of the few times of year that men spend more than women. Nearly half (49%) of males would spend on March Madness compared to fewer than 3 in 10 (29%) females shelling out dollars for the Big Dance.
Before student athletes begin celebrating the recent decision by the National Labor Relations Board (NLRB) that college football players should be classified as university employees, they might consider this extra point: Players could be hit with an unexpected tax bill on their scholarships.
Have you finished polishing your March Madness brackets? Whether you're betting with a small group of friends or taking part in a major pool, there are some tax implications you need to consider.
5 NCAA Betting Tips from CPA and 19-year IRS veteran, Jim Buttonow
Talk about March Madness! Office pools and online versions of pick-em games for the NCAA basketball tournament see a lot of money pass hands, but never like this.