Thursday, March 6, 2014

Casino Tax Refund - Recover Your Casino Gambling Winnings

In the course of its operation, the casino can either gain or lose. However it is the individuals who will enable it to achieve this. Therefore, people in a casino engage in various gambling activities which lead to wins or losses. In some countries, the winnings from the casino are nottaxable as the law does not regard this as income. However, in many countries (a case example of the US), income from activities from the casino is recognized by law.  Therefore, the US citizens who engage in gambling are required to file a casino tax refund report including their earnings from casino. Therefore, all the casinos are required to deduct a 30% withholding tax on any winnings made by non US citizens. 

A withholding tax in this case can be compared to the amount withheld by the casino on yourwinnings. Therefore, the casino is required to pay the individual the earnings net the withholding tax and file the same with the tax department. This is important for the people seeking a casino tax refund since such documents can be used to calculate the amount recoverable. Various agencies offer help to recover this amount, and it’s, therefore, upon a person either to recover the amount in person or through an agency.

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