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Wednesday, October 20, 2010

Don't Pay Taxes On Gambling Winnings Unnecessarily

The common wisdom says that nothing is certain but death and taxes. This certainly seems to be true particularly for gambling winnings in the US. The US government gets its share of taxes on large winnings before even the winner gets to savor it. In fact, the US federal government withholds 30% of gambling winnings against anticipated taxes and allows casinos and other gambling establishments to distribute only the remaining 70% to the winners.

But you can legally avoid some of these taxes if you keep good records. The taxes are supposed to be on net gambling gains, not on total gambling gains. Your net gambling gains are usually much smaller than the big win on which you were taxed. Any money that was lost on gambling can be offset against the winnings to reduce the total gambling winnings tax burden.

Many foreigners do not know this. Since they do not normally file US tax returns, they think that they do not have any recourse against the taxes. They end up unnecessarily paying large amounts of taxes when they may actually be entitled to a refund of a substantial portion of the taxes. CasinoTaxRebate.com is a company that specializes in filing claims with the IRS and with state taxing authorities to recover casino tax refunds for people entitled to them.

The process is quite simple. You keep track of all your spending on gambling in the form of casino receipts, ATM receipts, etc. Then you submit the 1042-S provided by the casino or gambling establishment along with the receipts to CasinoTaxRebate.com. They put together the paperwork required, process it, obtain the gambling tax refund and have it sent to you.

The process requires that you have a US individual taxpayer identification number (ITIN). If you don't have one, CasinoTaxRebate.com can obtain one for you as part of the process of applying for your rebate.

There are many establishments out there that claim to do US tax recovery. Many of them operate on a percentage basis where they take a percentage of the casino tax rebate they are able to obtain for you. If you have a large refund coming your way, these fees can eat up a substantial portion of those.

CasinoTaxRebate.com operates on a flat fee basis. You know up front how much it is going to cost you to get your rebate regardless of the amount of the refund. Because of this, fees on large refunds usually work out to a fraction of what they would be with other companies that offer this kind of service. And if you don't get a rebate, you don't pay any fee. It is as simple as that. CasinoTaxRebate is also registered with the Better Business Bureau, and prides itself on its impressive record of never having the IRS reject a legitimate claim submitted by it.

If you have had taxes withheld from your gambling winnings, take a careful look at what the correct tax liability should have been. It is your money, so you need to take responsibility for it. Get a strong advocate such as CasinoTaxRebate.com on your side to go to work for you, recovering what you are entitled to. Tax laws are complicated, especially for foreigners in the US, so trust an experienced expert to recover any excess tax payments. Remember, tax evasion is illegal, but tax avoidance is not!

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