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Your odds of winning the lottery may be slim, but if you DO hit the jackpot, you need to be prepared for the taxes that come with it. While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 25 percent federal withholding tax. However, California, Pennsylvania and states with no income tax (you go, New Hampshire), will not tax your lottery winnings.
So before you spend all your winnings, remember that some of that cash belongs to Uncle Sam.
Just as the priest finished his talk the politician arrived full of apologies at being late. January 20, 2016 By miraclemethod Leave a Comment Miracle Method ranked in Entrepreneur’s Franchise 500 for 10 consecutive years! Every year, Entrepreneur Magazine publishes its annual ranking of franchise brands based on financial and statistical data. As the leader in the refinishing industry, Miracle Method boasts the largest national footprint and growing. Miracle Method has also been the recipient of consecutive awards for franchisee satisfaction from the Franchise Business Review (FBR).  Not only does a Miracle Method franchise present a great opportunity for entrepreneurs, but the ongoing support ranks high among existing franchise owners. Phil Panarisi, Miracle Method Franchisee in Indianapolis said, “…Our franchise is set to break another record this year and we could not be happier with the support we’ve received from both the corporate office and other franchisees. Miracle Method has an aggressive growth plan in 2016 looking to add at least 15 franchisees in target markets such as Florida, Texas and Arizona with additional territories available throughout the country. In business since 1979, Miracle Method is the #1 Surface Refinishing Company with 137 locations in North America.
Miracle Method upgrades baths and kitchens without the mess, expense and hassle of replacement. Win $400,000 or more for a single person or $450,000 for a couple and the tax rate jumps to, gulp, 39.6 percent.


If you live in Arizona, you'll be slammed with a 5 percent tax on the prize, while nonresidents will have to dole out 6 percent [source: Ellis]. Using this information, Entrepreneur recognizes the Top 500 Franchise opportunities in the US and Canada.
For a relatively small investment, $85- $125,000- the Miracle Method model is easily scalable with strong revenue diversity from both residential and commercial markets.
We will provide 20 full days of training and help you create a marketing plan with all of the tools you need to promote your business on a local level as well as national advertising. As a mobile service, we restore your existing fixtures right in place - saving you time and money!
It used to be 35 percent until the government almost went over the financial cliff in late 2012.
It is estimated that there are somewhere between 3,000-5,000 franchise brands, so it is quite impressive to be included in the ranking – viewed by most in the industry as the best of franchised brands.
Our services are in high demand among homeowners and commercial properties such as hotels, hospitals and colleges alike.
While these choices have the same statistical chance of winning the lottery jackpot as the usual random number choices, there are many more lottery players who choose these former patterns.
But, if on the off chance you do win millions in a lottery jackpot, keep in mind that the Internal Revenue Service will be looking for its fair share. Both the Powerball and the Mega Millions lotteries draw from large populations in many states. Many of these have sports, humor, or holiday themes, and are inexpensive (just like most lotteries) to play.
Many Canadians who cross the border for less expensive gasoline may splurge on lottery tickets at gas stations. If they are truly lucky, they can claim their American lottery jackpots and subsequently also reclaim parts of their tax on lottery winnings.


They may have purchased a winning ticket while in the US, but often forget to look up the subsequent lottery jackpot numbers after returning home.
Lottery jackpot winners of $599.99 USD or less will receive the entire lottery jackpot amount.
A $600 USD lottery win automatically will have $180 USD ($600 USD X 30% withholding tax) deducted from the lotto winnings.
In order to receive a full American tax refund, you must have equal to or greater gambling losses than your lottery jackpot. Gambling losses in the US (from taxable games) are deductible against your lottery winnings. For the vast majority of these people, the lottery win is larger than their same-year US gambling losses. For example, if you have won $10,000 USD from a US lottery jackpot, $3000 USD (30% of $10,000 USD) will be automatically deducted as gambling winnings tax.
The IRS is entitled to take only 30% of your net gambling winnings [($10,000 USD - $2000 USD) X 30% = $2400 USD].
Since you were originally taxed $3000 USD, you will receive a refund of $600 USD ($3000 USD subtract $2400 USD). There is no need to claim US gambling losses against taxable lotto winnings in order to receive a tax refund. Gambling Refund Help You Recover Your IRS Taxed Lottery Winnings? Dealing with the IRS is notoriously difficult and complicated.
Non-US residents attempting to reclaim their tax on lottery winnings face a few more obstacles that do not exist for US residents.



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