Truck Driver Wins Lambo and Then....

KingZee

Never won a damn thing in my life so I wouldn't know lol

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Focus ST

theDreamer

If you ever do, talk to your accountant about it before you accept the prize, especially large winnings.

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Rooster89

For those of us without an accountant wouldn't a tax attourney be just as good?

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OG3
Diligentia Vis Celeritas

theDreamer

Not sure actually, but they can probably help they just may bill you more.
The breakdown you need to really look at is, cash v. item, after that determine what the taxes will be on each. For cash you get two options usually, lump sum or payment plan. Lump sum will be a higher tax rate, but you can invest and the money will not lose value from inflation. Payment plan you pay less in taxes, money may devalue over time.

The way I usually look at it is at my younger age I would probably do the payment plan, keep me in a low tax bracket, can use the extra money to supplement rent/car/school, but if I was my parents age I would take the lump sum and spend all of it quickly.

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theDreamer's Z // Fast Intentions // Uprev // GTM // HKS // TEIN
theDreamer's Silvia // URAS // GREDDY
Houston Zs // Facebook // Twitter // Instagram