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Many winners may be tempted to spend their newfound wealth immediately, but taking a more measured approach can yield better long-term results. This can help ensure that you are financially prepared for any tax obligations that may arise and can also provide you with a safety net for the future. Developing a relationship with a tax professional who understands the intricacies of gambling income can be invaluable. A knowledgeable tax advisor can help you navigate the complexities of tax laws, ensure that you are compliant with all regulations, and assist you in maximizing your deductions.
