Paldino Company CPA - "Success Starts with a Handshake"

Welcome to my blog page the purpose of which is to provide you with timely and relevant tax and accounting information. I intend to bring you information which you can use now to assist you in lowering you income taxes. I will when appropriate give you links to tax related web-sites, worksheets and check-list to assist you in meeting you recording keeping requirements and provide you with the information you need to prepare an accurate return and pay the least amount of tax you are legally required to pay. Please check back often and feel free to post your questions and comments















Saturday, May 11, 2013

Triple Tax: aka The Lottery


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154 E. Boston Post Road | Mamaroneck, NY 10543 | (914) 253-6857 | | www.jpalcpa.com | joe@jpalcpa.com

Triple Tax: aka The Lottery
Category:
Your Income



Most everyone enjoys dreaming of winning it big in the lottery. News media outlets publicize the large unclaimed pots of money on the evening news and they put a spotlight on the lucky multi-million dollar winners. Ever wonder what the tax math looks like?
The Lottery Wage Drain
The bottom line when seen from a wage stand point is that 75% or more of the income used to play the lottery does not end up in the hands of the winner.


Published: 2013-05-10 12:00:00



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