Does the IRS Tax Canadians? You bet!
For thousands of Canadians, part of enjoying a holiday in the United States is setting aside a little time to gamble. Many of those vacationers win some extra cash, but soon find out the government on that side of the border wants their share. These winners learn quickly that the IRS Tax Canadians pay on their winnings can be substantial.
One of the things you should be doing to offset the amount you’ll pay in taxes when you gamble is to keep a diary. The IRS is clear that a record of your winnings and losses is important, and that you need to have receipts and statements or other records to deduct your losses against your winnings and pay less to Uncle Sam.
Of course, you need to be specific about the amounts won and lost as well as the dates and times. Then you need to sort through the maze of the filing process to get some of your winnings back. That’s where a professional refund management service comes in. There are Canadian businesses that understand what needs to be done and can answer all the important questions like how long you have before you need to file for a refund and under what circumstances you don’t need to substantiate your losses. Some people are surprised to find out that the IRS Tax Canadians pay on gambling winnings can be complicated without the right help. When you’re looking for one of these services to help you with a refund, make sure their website makes mention of how long they’ve been in the business. It’s a good way to avoid the less experienced refund management services that might mean well, but don’t understand the business as fully as their more qualified counterparts.