They say that breaking up is hard to do. That goes for divorce, of course. In the May issue of our San Francisco tax tips newsletter, we dive into the thorny issue of divorce, specifically health insurance for each party to a breakup. With many changes occurring because of the Affordable Care Act, this issue is different from what it might have been in past years. Our May tax tips newsletter for San Francisco, is – therefore – available in that spirit, here.

Gambling! Even Accountants Do It!

If you like to gamble, you’re not alone. Here in California, we have a plethora of options. There’s a quick trip to Reno or Las Vegas. There are nearby casinos, and there are the ubiquitous lottery tickets and “scratchers” sold throughout San Francisco and the entire Bay Area. Do we approve of gambling? Well, as accountants and math people… we have to inform you that the house (almost) always wins. Over time, the probabilities will work against you: you might score a quick win, but if you keep shelling in money, over time, the law of averages will ensure that the house wins.

San Francisco Tax Tips May 2016

Photo credit: Images_of_Money via / CC BY

But, if you treat gambling like entertainment, you can “win” by having fun, and “win” by enjoying friends and family. Just don’t go overboard. And on that rare occasion when you do win, guess who’ll show up looking for his cut? Uncle Sam. Yes, Uncle Sam loves winners (losers, not so much). In our May tax tips newsletter, we discuss the tax treatment of gambling winnings and gambling losses. You can actually deduct some of your “expenses” in terms of gambling, if you have a good CPA. That said, your best gambles are a good job, an education for your kids, a house as an investment, and even better, saving on taxes. A penny saved from Uncle Sam is as good as a penny earned!

Finally a new law may benefit “C” corporations. If you are already incorporated, or you are thinking of starting a business in San Francisco, please reach out to us. It’s complicated!

About Safe Harbor LLP – a Professional CPA Firm in San Francisco

Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service. Its goal: to be the best CPA firm in San Francisco.

Safe Harbor CPA

Tel. 415.742.4249