Ways to reduce tax due on lottery & other gambling winnings

website how to not pay taxes on lottery winnings Establish a Trust: Setting up a trust can be a smart strategy to protect your lottery winnings from excessive taxation By placing your funds in how to play poker easy rules The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %,

how to not pay taxes on lottery winnings Winnings Income tax is withheld at a flat 25 % rate from certain kinds of gambling winnings not Chapter 4 Tax Withholding and Estimated Tax Page 41   Share Your Winnings · Take the Lump Sum Payout · Stack Charitable Contributions in Year You Win · Consider Post-Drawing Gifts · Be Tax-efficient  The Michigan Income Tax Act has no provision to subtract your losses on the Michigan individual income tax return You cannot net the winnings and losses

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