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Collecting Super Bowl bets and the rest of this week’s tax tips

February 6, 2015

Did you win your Super Bowl bets? Or was you wallet (and heart) crushed by that game-ending, goal line interception?

Sad-Seahawks-fan_Super-Bowl-XLIX-Feb-1-2015

If you're this guy, so sorry. I know how you feel. I am, after all, a Dallas Cowboys fan.

Superman Patriots fans via funny-sports-fans-158

If you're these guys, sorry, too. But I'm sure that your joy was not diminished by the side eye directed at your outfits.

Pay your gambling taxes: Regardless of which team you root for, if any of your National Football League championship game wagers paid off, congratulations.

Now make note that you'll need to report that betting income to the Internal Revenue Service on your 2015 tax return next year.

How to do just that, and possibly lower the amount you share with Uncle Sam, is detailed in one of this week's Daily Tax Tips.

Here's the link to that tip and the full round-up of tax advice for the first work week of February:

  1. Reporting gambling winnings (Monday, Feb. 2, 2015)
  2. Taxable vs. nontaxable income (Tuesday, Feb. 3, 2015)
  3. Standard or itemized deductions? (Wednesday, Feb. 4, 2015)
  4. Using taxes to reduce taxes  (Thursday, Feb. 5, 2015)
  5. 10 often overlooked tax breaks (Friday, Feb. 6, 2015)

Special tax tip pages: These five tax tips kick off the February tax tips page.

If you happen to miss a Monday-through-Friday tax tidbit posted in the upper right corner of the ol' blog's home page or the end of week round-up, the monthly tax tip pages have the details.

January's page is complete. As they arrive, March and April will have their spots, too.

And hang in there pigskin fans.

There are a plenty of NFL off-season events to help fill your football fix. And the NFL Kickoff 2015 Weekend starts on Thursday, Sept. 10.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
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