Get Us Tax Recovery On Casino Tax Through The Experts

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.

How To Claim Casino Tax Refunds

Playing casino and other gambling games is a fun experience more so at the United States which is considered to be a gambling hot spot. This is because the amount of the casino winnings at the United States is very lucrative compared to other countries. But many people are unaware, that about one third of amount won in jackpots and games go as tax to the government. In the US you will be taxed 30% on your winning amount and it is by the law to withhold 30% of the winning.

However, after certain period of time you can claim for refund of the tax amount so paid. Claiming for casino tax refunds depends on your country of origin. Certain steps can be followed for this purpose.

· Keep a track of all your winnings, amounts etc. as these are required in case of claiming the refund. Maintaining a track will help you to understand how much refund are you supposed to get back. This can be kept in the form of a receipt, ticket, record or statement.

· If you have won the game and want to claim for the casino tax refund, then you should contact a professional casino refund service. A reputed and a professional casino refund service can guide you through all the procedures for claiming the refund. Such professionals are aware of all the forms required and most importantly they know the tax laws of US as well as of your country of origin.

· If you are from a country like Canada then you may not be refunded the full amount because of a tax treaty signed between Canada and the US. But a professional casino refund service can get you the maximum amount of your refund. and if you belong to any of the countries like Czech Republic, Germany, Denmark, Ukraine, South Africa, Tunisia, Slovenia, Slovak Republic and likewise, then you will be getting the full amount of your refund. The citizens of these countries can set off their game losses with the winnings and can claim for tax refunds too without any difficulties. This comes as a benefit for the winners of the treaty countries and states.

· The main documents that would be needed to claim for casino tax refund are your driving license or passport. The voter’s registration or birth certificate can also be submitted to validate your identity. Also remember to mention your tax id in the USA. Other related documents can be guided by the casino refund services itself.

· You can file for a casino tax refund within three years of winning. So if you have not thought about getting any money back and the three year period has not lapsed, you can still apply for refund claim.

· In case you have US ITIN number then the claim takes about nine weeks to get settled. But in case, you do not possess the number, the refund of tax may take a little longer, about twelve to fifteen weeks.

· There are many companies in the World Wide Web which offer casino tax recovery services. All you will have to do is mention your ITIN (if you have) and give proof of your identity. Even if you do not have the number, the refund companies will work independently in helping you get your share.

Thus, whether you have won from tournament games, bingo, slot machines, keno, dog or horse wagering and paid the mandatory tax to the IRS, you can claim for a refund. Now you have more reasons to play, win and celebrate!