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.

Make Your Spare Time Worthwhile with Online Casinos

Online casinos are taking the Internet by storm as people all over the world are discovering the perks of playing online casino games. Internet casinos offer everything you could hope for including amazing software versions of all of your favorite gambling games, convenience, a great social experience and the opportunity to make some money and have fun at the same time!

Online casinos give you the opportunity to play all of your favorite gambling games including poker, blackjack, baccarat, roulette, craps and keno. You can even choose from hundreds of online slot machines and video poker games. Internet casinos offer amazing online casino software versions of virtually any casino game you can think of. Casino software is truly amazing-it is so realistic that you may even forget that you are not really in Vegas! Online gambling games are played by the same rules as the games you play in live casinos, just in the comfort of your own home!

Convenience is probably the most worthwhile part of playing online casino games. The next time you feel like spinning the slots or asking the blackjack dealer to hit you, you don’t have to book the next flight to Vegas. Simply get online and start playing! All you need is a computer and an Internet connection and all of your favorite casino games are right at your fingertips!

With Internet gambling you can also have a fantastic social experience. Gambling enthusiasts all over the world are gambling online and you can talk to them and even make lasting friendships! Multiplayer games like poker, blackjack and craps encourage players to interact with each other through live chat so you will have the opportunity to speak with people across the globe that you would never have the chance to meet under ordinary circumstances. It’s really incredible!

And we haven’t even gotten to the best part yet! When you play Internet casino games you can play for free, but you also have the opportunity to gamble with real money. As if playing all of your favorite casino games from the comfort of your own home wasn’t fun enough, now you can even make money in your spare time! There are even people who are professional online casino players and their entire income comes from playing casino games online!

If you would rather not play for money, free casino gaming has its benefits as well. When you play free games you have the chance to work on your strategy, perfecting your casino gaming skills. You will become more familiar with odds and learn what you have to do to win. Once you have become an online casino gaming expert you will be ready to play online for money and win big or even hit the jackpot on your next trip to Vegas!

If you haven’t already signed up for a casino online then do it today and see what all the hype is about! Online casino gaming is an amazing way to have fun and make the best of your spare time.

Enjoy!

4 Tips to Choose an Online Casino That is Right For You

There are countless online casinos that you can choose to play your favorite games. Each casino offers different games and benefits with attractive bonuses and on-going promotions to lure you into their business. It is understandable one should be cautious before sign up any online casino and deposit your hard-earned money into the player’s account at the casino. But, how do you know if an online casino is right for you? What are the things to consider in deciding a casino to sign up with? If you are confused which one to go for, below are the 4 tips that will definitely give you some hints.

1. Check the legitimate of the online casino

There are far more rogue casinos (casinos that cheat money) on the internet then the legitimate online casinos. If you accidentally sign-up and deposit your money into a rogue casino, most probably you will never have a chance with withdraw your money out from the casino. Even you have won and met the casino withdrawal requirements, the rogue casinos will have tons of reasons that stop you from getting your money into your pocket. Therefore, it is important to choose a legitimate and highly reputable online casino to play at. These online casinos normally have been verified by an independent regulator such as eCOGRA (e-Commerce Online Gaming Regulation & Assurance) along with audited payout certifications as a safe play online casino.

2. Is the customer support service excellent?

A legitimate online casino does not guarantee for a good customer service. Some casinos give very poor support to their players. They never response or take a few days just to response to your email enquiry; they may have live-chat, but let you waiting for a long time before reply to your chat message. You will definitely get frustrate with the delay response from these casinos if you have issues or problems that need immediate attention from the support team. Therefore, you should always test the customer support service by sending email, chatting and even phone call to see how good their service is before you sign up an account with them.

3. Check whether the online casinos support your preferred banking option

A good online casino won’t be the best casino for you if it does not offer the banking options that are easy and convenient to make deposits and withdrawals. You can’t play the casino games with real money if you find no way to deposit the money into your player’s account. Even if there is option for you to deposit your money to play the game, you may have difficulties to withdraw the money out from the player’s account if the casino does not support a withdrawal option that suits you. Therefore, you should take the banking options into your consideration when choosing an online casino that meets your preferred needs.

4. Do you want to play with live dealer?

Most online casinos are operated by software and use a random number generator to roll the games. But, some gamblers may prefer the experience with real live casino games taking place in real-time with real dealers. A few famous online casinos have integrated live dealer games into their online casinos to provide the excitements for players who preferred to play with real dealer instead playing with software. If you are one of these players, then you should only consider online casinos with integrated live dealer games.

Summary

There are countless online casinos on the internet. If you have a hard time to choose one to play at, use the above tips as your guide in selecting an online casino that meets your needs.