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.
But even the winners can be losers if they don't pay their taxes! Any money you win gambling or wagering is considered taxable income by the IRS. So is the fair market value of any item you win. Gambling income isn't just cardgames and casinos; it includes winnings from racetracks, gameshows, lotteries, and even Bingo.