Understanding How Online Casino Tax Works

One common question comes from online casino players is that whether they are going to pay their taxes or not in playing casino games. “What if we lose?”, “How the taxes deducted from our winnings?”, “Do they always deduct taxes every time we play online casino games?” These are the common confusion many gamblers are dealing with.

So, to start it depends on the gambling law that a particular country has specifically in managing an taxes from online casinos. But not all winnings are automatically taxed by the government. But it is always a player’s responsibility to understand everything about laws that are related to gambling so that they will be aware of how their country deduct money from their winnings. Here are the common processes that occur when getting a tax from online casinos and players (this is very important specially if you are a player from the United States).

Winning Taxes:

In many countries around the globe, especially the USA, it is mandatory for a player to submit or share something from her/his winnings. Sometimes, it reaches to the highest rate which is 50%, the lowest is 30%. How do they know if you win? You are obliged to declare your money or else you will be questioned if they track your money in their audit. Every player is required to declare their money if they win from playing online casino games to the IRS (Internal Revenue Services) whether it is offset by loses or not.

Though the fact still remains that online casinos specifically from U.S. do not declare the amount of your winnings, and of course the federal law do not know if you win or lose, you still have the obligation to follow the law and declare it in your own because at the end, you will still end up explaining to the IRS where your money comes from because they will track your money through their audit.

If you are a big time or the what they call “high roller” player and choose to declare and pay your online casino tax, it will be reported as other income on U.S. tax returns. The process goes by submitting only the net of your winnings. Meaning, if you play blackjack and win $3000 from a $300 bet, that means you have to declare all $2,700.

The only exemption is that you are only required to declare and pay online casino tax if and only if you win big. It considers big if you win 600$ above, and that’s the only time that you are going to declare how much money you have won from playing casino games in the internet.

Tax when a player lose:

About tax when you lose, they indicate it as itemized deductions and will be deducted to your winnings. So it would be much better if you will take care of your taxes and keep them on track. Listed under “other miscellaneous deductions”, you are able to deduct up to the amount you have declared in your total winnings. Please be reminded that you are not allowed or you can’t show a gambling tax loss. For example, if you have declared $5,000 in your winnings, you can also declare $5,000 in your itemized deductions under losses. Just make it sure that you will not exceed to the amount that you have recently declared.

It is imperative that you must prove your winnings and losses. That’s why keeping every receipt, tickets, etc. you receive from playing online casino games is a good option because the IRS strongly suggests that every online gambler must keep everything that will prove if they win or lose. All details must be included such as, the type of bet, how much you win or lose, name of the casino site, the I.P address of that casino, etc. Keeping a detailed book of your payment methods like eWallet, credit cards, debit cards etc. is very essential in paying your online casino tax.

So to conclude, keeping records in playing online casino games and making sure that they are well-organized will keep you away from being questioned by the IRS and also to avoid them sending you to jail for not paying taxes. And of course, you will be able to pay your online casino taxes hassle-free.

The Convenience of Online Casinos UK

How long have you been craving that Vegas vacation? Vegas is a great place to go just to have fun, gamble, and lose more money than you came with. Now thanks to the internet there is a great way to visit sin city without the travel expenses. The internet is constantly becoming home to online casinos day after day more and more online casinos are added to the world wide web.

These online casinos offer a wide variety of games and sweepstakes you can win. These sweepstakes can be entered easily by subscribing to the site with your email and home address. Many sites offer a plethora of different games from card games, to slots, and everything between. Many of these casinos offer easy ways to become member and can get you on your way to playing in seconds.

The card games that are usually offered are Blackjack, Texas Holdem, and five and seven card poker.

The benefit to online casinos are convenience, and it saves money. The convenience to playing online in an online casino is that you can do it from your own home without ever having to leave. You buy in with your credit card so you won’t even have to leave to get cash. Also when you are ready cash out the money you have earned is able to be deposited into your account straight from the site so there is no leg work there either.

Right now online casinos are one of the hottest and most popular trends of our time. With the convenience of being able to gamble from home there are few states that will not allow online casinos. How do you know if your state is one of these? Upon downloading the casino to your computer the installer will usually tell you what states, if any, do not allow online casino play.

Another convenience is that in many cases online casino’s save you more money then if you actually went to Las Vegas. With online casinos you don’t have a traveling fee or a hotel to pay for. This means you have less things you have to pay for and more money to play with.

You can even get the human interaction online that you can get at a casino. Many casinos like Party Poker and others allow you to play with other people who are online that you can chat with while you play. So as far as online casinos go the only thing you really miss out on is the fifty dollar drinks and the crowds of people. Do to online casinos you can play what you want when you want and at your own convenience. Another thing that online casinos offer is that you don’t have to worry about anyone seeing your poker face or the awkward feeling of people watching you play, you can play in total relaxation and in the comfort of your own home.

You can sit at your desk and watch your favorite show while you play. Online casinos are growing quickly and there is no better time like now to play.

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