Players from all countries can PLAY!
Keeping a Gambling Log"
Tax time has come and gone for one more year. If you happen to were some of the "Lucky" people who won money on the Casino, you'll have found you were not so "Lucky" when you filled out your taxes. Uncle Sam likes to share to your joy by claiming a bite of your winnings for himself. That may be exactly what happens to many "Winners" each April 15th, who don't keep a gambling diary or logbook.
When you win jackpot over $1,200 on slot machines or produce other big wins at keno or the racetrack, you'll receive a W-2G form. A REPLICA of this goes to the IRS and also you are required to list these winnings when filing your income tax. The law means that you can deduct gambling loses as much as the quantity of your winnings. You'll be able to only do that when you've got documentation of your loses. Keeping a diary or logbook, is find out how to do this.
A proper log must contain; 1) The kind of game you played. (Slots, Keno, Craps, etc) 2) The date and placement where you played. 3) Your wins and losses for every session or game. 4) Additional evidence of gambling activities.
I spent Easter weekend in Las Vegas attending a promotion sponsored by Make Your Bet Travel. On Friday night I attended a dinner hosted by Gaming Author Frank Scoblete for the subscribers to his "Chance and Circumstance Newsletter". During dinner I asked a person named Barry if he kept a logbook. He said he did not and was surprised to be told that Frank, Columnist John Grochowski and I all kept logs of our gaming activities. We discussed the importance of the logs come tax time.
The next afternoon, Barry was walking through the Golden Nugget Casino when he spotted some of the new Triple-Play Video Poker Machines. This machine lets you play three hands of video poker on the same time. You are dealt the primary hand and the cards you hold are then held for the second and third hand besides. A maximum bet on Triple -Play is five coins for each hand or 15 coins. Barry desired to see how the machine worked so he installed a twenty. This was a dollar machine so his one "Trial" hand would cost him $15. He hit the 'Max Bet' button and was dealt a Pat Royal Flush. The odds of this are about 640,000 to at least one. Because it was a Triple-Play, Barry had THREE Royals for a Twelve Thousand dollar JACKPOT. The Golden Nugget took his picture, paid him his money and had him fill out a kind for the IRS. Barry was lucky that he hit the jackpot in April and still has the rest of the year to maintain track of any loses to offset this big win.
In "How to Keep More of What You Win" CPA Walter Lewis tells the tale of an unlucky fellow who hits the jackpot on New Years' Eve. This unfortunate fellow has no chance to offset his win.
Walter Lewis is certainly one of America's most experienced CPA's with over 25 years experience in tax matters. His book will take you step-by-step through the procedures for correctly maintaining a tally of your gambling activities so you will be ready come tax time. "How to maintain More of What You Win" answers probably the most commonly asked questions about Gambling, Taxes and the IRS. He's going to show you how to report winnings and substantiate losses using sample tax forms as an example the procedure.
Walt supplies you with sample logs you can copy and use. There are different ones for Slots, Horse Racing, Bingo and the lottery. In case you participate in any gambling activity, it's important to read this book. The guidelines will save you money at tax time next year. Make your win more enjoyable by keeping more of it.
Ben Franklin said, " The one sure thing is Death and Taxes." We all must pay taxes, but we do not have to provide Uncle Sam any further than we must. Start your Gambling Log TODAY!!
Until next time, remember: "Luck comes and goes...Knowledge stays forever."
Read More... [Source: About.com Casino Gambling: What's Hot Now]
No comments:
Post a Comment