Don’t forget to pay taxes on your winnings.

This is just a cautionary post to remind everyone who wins anything from a twitter party or anywhere else that you must pay taxes on your prizes. It’s easy to get caught up in the excitement of winning things but please remember to keep track of your prizes, both monetary & physical things since both are taxable to Uncle Sam. Also, If you do not live in the USA then this post is not for you & I’m sure you can find one of my other fabulous posts to entertain you.

Here’s a handy little site to bookmark about calculating taxes.

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2 thoughts on “Don’t forget to pay taxes on your winnings.

    • Great point! The IRS says they want fair market value, not inflated actual retail values. We don’t need to pay more then we have to 🙂

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