Do you get into risk based entertainment and love gambling? No harm in that. We wish you huge winnings every time you step into a casino. However, you must keep in mind that you get to take home 30 percent less than what you won in the casino. It is mandated by the IRS that international visitors must pay a tax of 30% on their winnings. However, there are companies that can help you in US tax recovery for casino winnings. Casino tax pinches a lot and there are ways to recover the amount.
When it comes to recovering the tax for casino and other gambling winnings, it must be borne in mind that it is not applicable to the US citizens. The agreement between USA and Canada allows non-US citizens to get a refund of the taxes that they paid on their winnings. US tax recovery on casino and gambling winnings is rather easy when you go through someone who knows how to get this done. There are companies that help gamblers recover their casino tax that was withheld by the casino or some other gambling body.
So, how does the IRS calculate casino tax? It depends upon the total amount one won while gambling. The points that are taken into consideration are the amount of money won, the type of casino game or other gambling game played and also the ratio of the amount won to the amount that was betted. So, it is not a requirement that one has to pay 30 percent tax simply because some amount was won. In cases where the total amount betted exceeds the total amount won, there is no need to pay the tax. However, IRS should still be informed about the total income from winnings. The IRS then informs an individual about the tax to be paid (or not to be paid).
Even if someone wins a very small amount in gambling, he or she must inform the IRS. However, US tax recovery is possible if someone reports losses in gambling as itemized deduction in Form 1042-S. It is sometimes a complicated procedure to calculate casino tax and only experts should go ahead and do it. As an individual, it is one’s responsibility to inform the IRS whenever there is some amount won and then let the IRS decide whether any casino tax is payable or not.
If you have already paid a 30 percent casino tax on your gambling winnings and want a refund, then consult an expert. There are many companies that can help you in US tax recovery for casino winnings. Some of these companies offer you guaranteed return. If you don’t get a refund, they don’t charge a fee.
Let the experts help you in matters of US tax recovery for casino and other gambling gains. You can easily get a casino tax refund if you go through the right channels. There is professional help available to you and you must accept it with open arms. Go through the forums to know the happenings in the industry to keep yourself updated.