How to Get my Casino Tax Recovery?
United States is considered as casino heaven in the world creating largest amount revenues for the economy. Every year fun lovers seek enjoyment in United States and with other entertainment, they try their luck with different gambling options like casinos, horse racing, dog racing, poker, card rooms, table games and lot of others, most of them being unaware of the fact that their winnings is subject to tax as high as one third of the total winnings.
This doesn’t mean you have to pay under all circumstances, if you find yourself eligible for tax refund under the tax laws of the US government, you can put a claim for return of your tax paid, and mostly you get most of tax back into your pocket. There is a clearly defined mechanism for your casino tax recovery. For that you have to:
* Keep a fair record of all you winnings from different gambling, for they are pre-requisite to apply for a casino tax recovery claim. This will smoothen you process of tax recovery claim and will also be feasible for the concerned authorities. This record may be kept in the form of tickets, record or statement, statements or any other if applicable.
* In case you have won the game and intend to claim for a recovery of tax, it would be appropriate to consult some professional casino tax recovery service. A professional tax recovery service can steer you through all the procedures for claiming the tax recovery, as these professional individuals or firms are fully aware of all the forms required and most significant thing that they know the tax laws of US well as of your own country of origin.
* If Canada is your country of origin than don’t hope for the full recovery of your tax because of the tax treaty between Canada and the US. Don’t feel oppressed, this doesn’t mean that you are not getting anything back into your pocket, the casino tax recovery service can get you the maximum amount of your refund. And if you originate form any other country of the world like Germany, Denmark, Czech Republic, Ukraine, South Africa, Slovenia, Slovak Republic, Tunisia and likewise, then be happy that you will be getting the full amount of your refund. The citizens of other countries can compensate their games losses with the winnings and have a right to claim for tax refunds without any hindrance.
* The main document that you must keep with you is your passport or driving license. The voter’s registration or birth certificate can be the alternatives of these documents as you just need to validate your identity. Be sure that you have mentioned your tax identity in the United States. Your tax recovery service can better guide about any other document if needed.
* You are eligible to claim for a tax recovery within a period of three years. If you have not thought about getting any money back within three years of your winnings, you can apply for recovery claim.
* In case you have a valid US ITIN number then it takes about nine weeks to get you claim settled otherwise it may take a little longer. Your tax recovery service can strive for you in cans you don’t have valid ITIN number.
Thus, whether you have won from tournament games, dog or horse wagering, bingo, keno or slot machines and paid the obligatory tax to the IRS, you can claim for a refund. Now you are more confident and have wider reasons to play, win and rejoice.
“It would sound pleasant to non-US residents that they can apply for a casino tax recovery . within three years of their winnings at a US casino. They just need to fill certain forms with IRS with documentary proofs to grasp the casino tax recovery .”