April can sometimes make or break us, depending on your own personal tax situations. And with the rise of legalized sports betting in the U.S., many Americans have taken the plunge and placed a bet on their favorite team. According to the American Gaming Association, nearly 22 million Americans bet on Super Bowl LIII, with a staggering $6 billion wagered. Unlike past Super Bowls, this year’s game featured plenty of wagering in states beyond Nevada. A total of eight states offer legalized, regulated sports betting with a dozen more on the brink of legalization this year.
We always hear that the tax structure in Nevada is more favorable than the tax structure in California, but what exactly does that mean? Let’s examine this in detail. BUSINESS TAXES In California, C-corporations are taxed at a rate of 8.84% on the net taxable income, with the minimum tax being $800. This rate is[…]
If you own a business, it is important to know what expenses can be deducted against your income to minimize the income tax you pay. This is a list of the most common allowable items. All expenditures must be supported by a receipt and proof of payments. These apply only to businesses and not to[…]
Published in the Expert’s Corner of the Las Vegas Business Press by Kim Walker I believe that most certified public accountants expected comprehensive tax reform legislation sometime in 2017. Here we are at the end of the summer with not much hope in sight. We may possibly have a tax rate reduction but this might[…]