With the growing number of Ohio casinos, we wanted to remind you that the IRS will be looking at your winnings! The IRS (and the State of Ohio and cities too) considers gambling proceeds as taxable income.

Hopefully, you followed some of the suggestions we outlined a couple of years ago in TTW #21 to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you, and your tax advisor, can spend more time on tax and financial planning issues for 2012 vs. looking back to 2011.

You may know when to hold ‘em and when to fold ‘em but do you how and when to report ‘em? Here are the tax rules.