Tax Advisor Barry G. Fowler, EA, Reveals the Taxing Downside of Being Favored by Lady Luck
Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions, recognizes that most people would love to win a big lottery, yet they don’t figure the tax implications of a lucky win, nor the people who come out of the woodwork to claim they deserve a share.
Houston, TX – September 21, 2015 – Barry G. Fowler, CEO of Taxation Solutions, posted a new blog on the company website entitled “When Lady Luck Pays You A Visit, The Taxman is Right Behind Her.” One gives and one takes away. That’s the nature of winning big money. Luck seems to favor the taxman more than anyone according to Mr. Fowler.
Fowler writes, “Millions of people play the lottery. The chances of winning are very slim. However, Lady Luck shows up from time to time and changes lives, sometimes for the better and sometimes for the worse.” He continues adding, “When it comes to winning money, when Lady Luck shows up, the taxman is pretty much attached at her hip.”
Turning his attention to the taxman’s cut, Fowler states, “One of the things most lottery winners fail to take into account right off the bat. In the case of this particular lucky winner, who lives in California, he will have to pay 39.6% of his winnings to the federal government and 13.3% to California for state taxes. There goes half a million dollars.”
Fowler shares some winning advice of his own, writing, “So, if Lady Luck decides to shine her light on you with big money winnings, you’ll consider yourself even luckier if you have an excellent tax attorney next to you.”
The entire blog can be read at https://www.taxationsolutions.net/when-lady-luck-pays-you-a-visit-the-taxman-is-right-behind-her/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.