Income Tax – If You Are A Gambler – Keep Track Of Losses
This sounds ludicrous to some folks, but if you are a gambler with any kind of betting frequency, keep track of all your losses over the years. Actually keep good, clean records of all your gambling losses so you can use them as write-offs on the chance you win big one day. The IRS will tax you on your winning (if you tell them about your winnings) and they will tax your on any large sums of money with impunity. If you have some detailed documents showing your past gambling losses, you can use that as a large deduction against the taxes you owe.
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