Make use of casino tax refund for Canadians and increase your casino winnings
Posted by albertareid on October 25th, 2011
For any Canadian who loves gambling, a visit to Las Vegas or Atlantic City is a dream come true. They love to visit these world famous American casinos and play to their heart’s content. But they get the shock when they go to collect their winnings. Instead of getting the entire amount of their winnings they only get 70% of it. Casinos in the USA deduct 30% of their winnings as casino tax. They don’t keep the money themselves but deposit it with the IRS. What many Canadian don’t know is that they are eligible for casino tax refund for Canadians. And even when they know, they soon realize that the casino tax refund for Canadians process is very complicated. Hence, they give up. But now there are some American agencies that help Canadians get back their money. They make the entire process hassle free.
The IRS says that casinos must deduct tax at source. What this means is that before someone leaves a casino, they need to pay taxes on their winnings. However, it is important to know that the IRS imposes taxes when the casino winning amount is more than $1,200. In games like keno, the taxes are imposed when the winning amount is more than $1,500. The tax slabs and amounts actually differ from game to game.
However, it is important to remember that taxes are imposed on net winnings. What this means is that when someone has won $2,000 in blackjack but lost $700 in keno, they only need to pay tax on the net amount, i.e. $1,300. How does this make a difference? 30% tax on $2,000 is $600 and on $1,300 is $390, a straight difference of $210. And then there is the tax refund to be calculated. And the winnings and losses can be calculated for three years. So, as a Canadian, before you start the casino tax refund for Canadians process, it is important you calculate your net earnings or losses in the past three years. This is when you will get the actual casino tax refund for Canadians.
When you contact experts that help with the casino tax refund for Canadians, you will soon find out that it is possible to get refunds using their services. These people are completely aware of the entire casino tax refund for Canadians process and they do the right thing to ensure you get your money back. They help you with the documentation (Form 1042-S) and they submit the documents with the right people. They charge a fee for their work but it is nothing compared to the amount you get back as tax refund.
Don’t try and start the casino tax refund for Canadians process on your own. You will soon get lost in the quagmire of the IRS bureaucracy. Let an expert in casino tax refund for Canadians handle the job and you will have a much better chance to recover your money on time. Use a professional service for the job and put your feet up, waiting for the money to arrive.
Are you aware of the fact that there is a casino tax refund for Canadians when they gamble in American casinos? The casino tax refund for Canadians process is very complicated and hence it always makes sense to let an expert handle it.
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About the Authoralbertareid
Joined: October 14th, 2011
Articles Posted: 135
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