Gambling is a profitable business in the United States but there are some things you should know about the tax accountability. After your big win, the IRS will get their share of your winnings. If you don\’t take care of your taxes when you win, then you could pay more later. You will pay, but there are some things you can do to keep the taxes manageable.

Winnings from gambling are taxable income with restricted deductions for losses. There are some strategies which can help absorb tax costs for money that is won and money that is lost. It … Read more at 2009 Taxes