|Posted: April 1, 2004, 11:58 pm - IP Logged|
Q: How can I reduce the taxes on a major lottery prize?
While we cannot advise players on taxes or the use of their individual prizes, we suggest you contact an attorney, tax preparer, the Internal Revenue Service (1-800-424-1040), or your state Department of Revenue. As always, a good financial plan will always make your money go further.
And there is my question: what can a good lawer do? As much as I know, Uncle Sam gets he`s 25% cut + you have to pay your state tax? Ok, financial adviser may "play" with your other taxes (real estate, income etc.) But if you will win $100M is this "penny" worth of paying huge attorney bills?
Basicly, how and how much could financial adviser reduce income tax for big jackpot?