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  What You Need To Know About The Casino Winnings Tax

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Join date : 2011-02-12

PostSubject: What You Need To Know About The Casino Winnings Tax   Thu Jul 07, 2011 2:06 am

Do you know that you may not be required to pay the casino winnings tax if you have won money in a US casino? Not everyone who gets money taken right from their winnings is required to pay this tax. Gaming tax recovery for Canadians, for example, is a way that those who are citizens of Canada can recoup this money that was taken right from their winnings. They have to apply for the refund with the IRS so that they can get their money back.
Many people have no idea about the casino winnings tax. If you have ever been to a casino in the United States and won a substantial amount of money, then the casino will take some money back for taxes and give you a check for the rest. However, if you are not a US citizen, you are not required to pay income taxes in the US. Therefore, you can get the gaming tax recovery for Canadians.
In order to do this, you have to complete the correct forms that are put out by the IRS so that you can get your tax refund. Because the taxes are taken directly out of your winnings when you get the money from the casino, you have no choice but to apply for the refund. Of course, you can just skip it, which is what some people end up doing. If you only have paid a little bit of money to the IRS for the winnings, you may feel content with what you won and then go on your way. However, you can get the refund if you apply for it. This is not hard to do and just takes completing the right forms as well as sending in the correct documents to this government entity in the US.
The IRS is a fair entity and will issue you a refund if you are not obligated to pay income tax for the winnings that you received in a casino in the United States. The casinos have no idea as to who has to pay taxes and who does not and will just garnish some of the money due to the winner in order to make sure that the taxes are paid. This is in accordance with US gambling laws, however, if you are not obligated to pay the tax, there is no reason that you should do so. This is especially true if you end up getting taxed in Canada for your gambling winnings. You may end up paying taxes to both countries when you are only obligated to pay towards one. This severely can impact the amount of money that you won, so you will want to get some of that money back in the form of a refund.
Once you understand how the casinos work when it comes to taking taxes from your winnings as well as what you are obligated to pay, then you can apply for a refund for any tax money due to you through the IRS. This is now easier to do than ever before because you have access to the correct forms that you need as well as any help through the internet.

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