Gambling winnings and losses.

Are they reportable items? Yes, they are.

Generally gambling winnings are considered reportable events regardless of their type (i.e., rafles, lotto, pocker, cassinos, and trips, etc. ). The payer ussually gives you a W-2G with the amouts reportable as income. These winnings are reported in line 21, of your 1040, and losses gets reported on schedule A. You must keep your tickets, receipts and any other statements to proff all winnings and losses reported.

Job Seekers tax breaks.

Looking for job? Well, you may get some tax breaks from the IRS.

1. Expenses related to job serach are deductible if you are seeking employment in the same occupation, but not on another job field.
2. If you pay someone (agency fee) to help you find a job, these are deductible expenses, provided you did not get reimburse by your employer.
3. First time job seekers gets no tax breaks.
4. What expenses are deductible? mostly those to gain you employment (e.g., typing resumes, stationary, travel expenses and qualify incidentals, etc.)
Source: IRS

Starting a new business? Please consider these...

1. Selection of the business entity or form of organization will determine the taxes you will pay and the paperwork to file with the IRS.

2. Generally some business entities requires to have an EIN.

3. You may choose your tax year: fiscal or calendar year. Most people choose a calendar year, but is that the only available choice?

4. Do you have time to do your own books or have your books be prepared by a professional. You may want to figure out the time it would take away from running your business and what records to keep.

5. Have you figure out what method of accounting is best for you? You have the choice of preparing your books under the cash, accrual or hybrid method.

6. Can you run your business from your home? Not all business can be run in hour principal residence.

7. How do you know when you need financing?

(Source: IRS)