Our Blog: Fast Cash Chat

We’ve started offering text messaging services to our customers!

Get updates on the status of your refund (sign up in store), find a location near you, or get $25 off your tax preparation services when you text COUPON to 41040! Details here. For more information about our SMS program, you can also visit us here.

This is a really great program, and we’re excited to finally be able to announce it!

Hoping to strike it rich this summer with a visit to a casino hot spot like Reno or Las Vegas? While you’re playing keno at breakfast and watching your numbers come up, it pays to remember that gambling earnings are fully taxable – just like any other source of income.

According to the IRS, you must file a Form 1040 and report all of your gambling winnings. It’s not just casino winnings that must be reported, either. Winnings from lotteries, raffles, prize shows, and horse races must all be included when reporting your income for the year. Cash winnings and the market value of prizes must be recorded equally.

The IRS has a great publication called Publication 525, Taxable and Nontaxable Income, that can provide you with more details.

The “good” news is that if you’re a heavy gambler, you may also be able to deduct gambling losses if you itemize your deductions. Just note that your losses may not exceed the amount of your winnings! Basically, this provision has been made for professional gamblers who make a living this way. Most casual gamblers will not win more than they gamble each year.

As with any other form of income or expense, be sure to keep excellent records of your winnings and losses. The IRS may ask for them!

Things are busy, busy, busy here at ITSHQ as we prepare for the upcoming tax season. Our franchisees might get a breather come summertime, but at the HQ, the fun never stops. We’re running full speed ahead to prepare our system to shine this tax season.

So today we’ll give you a break from listening to us and link you up to some  tax tips and advice from across the web.

Enjoy!

• Think tax shelters are a bad thing? Tax shelters were created by Congress to allow you to legally reduce your income taxes every year. Read on to learn more about how tax shelters can save you money.
• Ever wondered what everybody’s doing with their tax refund? Despite expert advice to save, most people making less than $50,000 a year are likely to use their tax refunds for everyday items. This is one reason that fast, skilled tax preparation companies like Instant Tax Service are so popular.
• If you do decide to you a tax preparer, be sure to stay informed and involved in the process. Here are some tips from the IRS about some things to ask and watch out for from your tax preparer.
• On average, small businesses are audited more than individuals. Business Week offers some tax advice to small business owners from a former IRS auditor.
• Speaking of small businesses, there are some common mistakes that many new small business owners make on their tax returns. Read some advice on what to watch out for at StartupNation.

ARRA stands for “American Recovery and Reinvestment Act.” This is the name of the stimulus bill passed earlier this year by the Obama administration.

ARRA contains many tax credit incentives for individuals and small businesses. However, all of these tax credits are set to expire, so be sure to take advantage of them now!

For a complete list of the most popular tax credits included in the ARRA, click here.

We’ve recently launched our official ITS social networking sites across the web (yes, we know… it’s about time!).

Check out our new “official” Instant Tax Service headquarters fan page on Facebook. Just click here or search for “Instant Tax Service headquarters” on Facebook the next time you log in… and become a fan!  We’ll be posting all the latest news and information about Instant Tax Service on FB, and sharing some great tax tips and advice. We’d love to connect with you there.

Our Twitter feed is also now live. Go directly to our twitter feed at: www.twitter.com/InstantTax. Hope to see you there!

In addition, we’ve had a LinkedIn profile and YouTube account for a few months now. Feel free to connect with us on LinkedIn and/or view some videos about our company on our YouTube account. Our username on YouTube is ITSFinancial.

Just a reminder that we welcome your questions and feedback! Contact us on FB or at our Twitter page and  let us know how we’re doing….

Always wanted to hear what the tax experts really think? Check out the award-winning webcast, Tax Talk Today – sponsored by the IRS. Visit www.taxtalktoday.tv to view the episodes.

The program features roundtable discussions with tax experts and professionals. Viewers can also email their questions directly to the program for the opportunity to have them answered “on air.” Just email Questions@TaxTalkToday.tv

Whether you’re a small business owner or part-time worker, Tax Talk Today offers a wealth of tax information directly from the professionals.

View the program’s archives here.

Did you know you can receive IRS tax tips via email?

Many people don’t think about tax time until it’s too late to take advantage of the current tax year’s deductions. Spend the summer educating yourself about the latest tax credits, organizing your receipts, and creating your own personal tax strategy. Spending just a little time now on education could mean a big difference come April 15th.

This summer, the IRS is making it easier than ever to stay informed by offering three tax tips a week, delivered directly to your inbox. This is a great way to keep up with what’s happening in the tax world.

Sign up at the IRS e-News subscriptions page. All you need is an email address!

At  Instant Tax Service, we love finding new ways to share information. Podcasts are just one more way to get the word out about great business investments and opportunities.

Wondering where to stash your money while the market recovers? Have you considered starting a business? Investing in a franchise? Check out these top 5 podcasts for entrepreneurs to start generating ideas about how to invest in your financial future.

Venture Voice

A podcast “that explores how entrepreneurs build their businesses and their lives.” Tips, advice, and interviews.

Jenerous

Interviews with entrepreneurs and marketers. No longer updated regularly, but still a great resource for  quick tips, advice, and inspiration from incredible entrepreneurs in a variety of industries.

Entrepreneur.com

Regular podcasts about marketing, financing, and general business from one of the industry’s leading magazines for entrepreneurs.

Duct Tape Marketing

A great marketing podcast for busy entrepreneurs. Learn all about how to leverage twitter, “be more interesting,” and generate buzz for your business. Bonus interviews with entrepreneurs and marketers abound.
DSM Buzz

Interviews with successful entrepreneurs.

Check out some of the newest markets we’ll be in this tax season here.