If you are an international (non-US) citizen who has won a great amount in a US casino or in some other form of gambling in the USA, then you must know that the gambling house will withhold a percentage of your winnings as casino tax. Gambling houses in the USA are supposed to tax winnings of individuals to the tune of 30 percent. So, donít be surprised if you receive less than what you thought you won. However, you can always get a casino tax refund if you follow the right channels.
Casino tax refund is a process through which you can get back the amount that was deducted as tax winnings of yours. In any gambling house, you are supposed to fill Form 1042-S that is used to calculate and process your tax refund. The process goes this way Ė if you win above $1200 then 30 percent will be deducted as tax winnings of yours and you will be issued a slip that you will need to file with the IRS so that they know that you have already paid your taxes and need not be taxed any more.
The IRS follows this process because as an international citizen, you will, in any case, need to pay tax in your own country. The IRS allows you to get casino tax refund because it does not want you to pay double taxes, both in the US and in your own country. This can sometimes be a very complicated and time consuming process. Gambling houses tax winnings of players quite easily but recovering the amount is definitely more difficult. There is a time limit of three years within which you are eligible to get casino tax refund on your winnings. Hence, it is important that you donít waste any time and immediately apply for tax refund.
No one wants to let go of their winnings. Gambling is a risk based entertainment and sometimes it takes a lot of luck and effort to make a winning. And then when you see that 30 percent of your winnings has been withheld, you are sure not going to enjoy the sensation. By law, gambling houses tax winnings of yours and it is now up to you to recover the amount. If you follow the right channels, you can easily get a casino tax refund that will allow you to reclaim your hard earned money.
There are professionally run companies that specialize in casino tax refund. Once you get in touch with them and give them your filled up Form 1042-S, they will get a refund on tax winnings of yours. These companies will do all the required documentation and contact the right departments and authorities so that you donít have to run helter-skelter, trying to recover your money. Some of these companies offer free service if they cannot get the refund for you (although that is a remote possibility). As long as you have your paperwork in order, you should have no trouble getting your casino tax refund.
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The gambling house has decided to tax winnings of yours because it is required by law to do so. However, you want your casino tax refund . Consult the experts to get this done easily.
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