AXS TV is a TV broadcaster based in Dallas, TX. Itâs an entertainment channel that airs a unique mix of live musical performances, comedy, movies and mixed martial arts. You can watch the channel online via the AXS TV live stream and its collection of videos, updated regularly. See our AXS TV review below, done with an emphasis on its streaming. Name: AXS TV. Location: Dallas, Texas, United States.
They think of it as their wages and therefore a business expense just as an employee's wage is an expense of the business and included in the Profit and Loss A/C. The difference is that an employees wages are taxed through the PAYE system whereas the sole traderâs drawings are not.
Each state has different regulations in regard to its state tax on winnings. For example, Iowa requires a 5 percent tax rate on winnings in addition to the federal rate. The most popular state for gambling in the U.S. is Nevada, which has no state tax on gambling winnings. However, you should check your local state department of revenue for more information on its rate.