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Gambling gains must be reported as income on your federal and state income tax returns. Losses ... only between 10% and 12% of taxpayers will itemize deductions. Thus, chances are the gambling ...
Essentially, in order to qualify for a deduction of losses from wagering, the taxpayer can only deduct up to the amount of gains accrued from wagering. In Commissioner v. Groetzinger, the Supreme Court Justice Blackmun alludes to Section 165(d) which was a legislative attempt to close the door on suspected abuse of gambling loss deductions. [2]
For some winnings of $5,000 or more, the gambling company withholds 24% of your net winnings for federal taxes, the IRS said. Most people put their gambling winnings on their 1040 as “Other ...
Oklahoma assesses a State level excise tax on insurance premiums paid across the State. The insurance tax is collected by the Oklahoma Insurance Department . While most of the insurance tax is deposited within the General Fund, the revenues also support the Insurance Department and provide revenues for the State's employee retirement systems.
The Oklahoma State Election Board is the governing body regarding elections in the state of Oklahoma. The Board is responsible for maintaining uniformly in the application, operation and interpretation of State and Federal election laws.
Tax returns for federal and Oklahoma state income taxes are due April 15. To file for an extension, taxpayers can fill out Form 4868 by April 15, giving you six more months to complete your tax ...
The Oklahoma State Board of Equalization is an agency of the state of Oklahoma that is responsible for tax administration. The Board is responsible for adjusting and equalizing the valuation of real and personal property of the several counties of Oklahoma. Board is also responsible for providing an estimate of all revenue that will be ...
Lines at the polls are typically the longest before and after work, and during the lunch hour, according to the Oklahoma State Election Board. Any eligible voter in line at 7 p.m. will be able to ...