Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.

Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.

Here are some general guidelines on gambling income and losses:

The Internal Revenue Service and U.S. Treasury have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad.

The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), enacted in May 2006, changed the maximum amount of foreign earned income and housing costs that may be excluded from gross income under section 911 of the Internal Revenue Code.

Whether you

SMALL BUSINESS WORKSHOP: The Small Business Development Center at Marshall Community and Technical College offers a small business start up workshop from
9 to 11 a.m. Wednesday, Feb. 14, at 2000 7th Ave., Huntington.

The session addresses the major elements of starting a small business, including legal structure, licensing, taxation, insurance and record keeping.

With tax season right around the
corner, PSE&G is encouraging New Jersey families to apply for the 2006
Earned Income Tax Credit (EITC), a program aimed at helping people who
don’t earn a lot of money. The EITC is offered by both the state and
federal government. It can reduce the amount of taxes owed by eligible
workers and even provide a tax refund. Getting the word out about EITC is
important because it will help keep money in the pockets of state residents
who need it most.