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July 2017 Archives

The basics of how Michigan taxes lottery winnings

Winning the lottery can be an amazing stroke of luck. You can pay off your debts and indulge yourself and your loved ones. Unfortunately for some people, winning the lottery can result in tax issues. If you have won a lottery prize, that income is subject to federal, state and local income taxes.

Will correcting or amending your tax return lead to an audit?

Mistakes happen. When you're talking about filling out complicated and confusing federal tax forms, it's easy for people who do their own taxes to make mistakes. Maybe you forgot to list your international bank accounts. Maybe you changed jobs and forgot about the W-2 from your former employer. It's even possible that a glitch in the tax preparation software you use could cause you legal and financial issues.

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