When it comes to poker tax, they aren’t kidding when they say what happens in Vegas stays in Vegas. Remember if you’re a Canadian who plays poker down south, 30% of your winnings can be subject to non-resident tax.
However, there are some things that you can do to lessen the sting of having to open up your wallet to Uncle Sam. Beyond helping to get a portion of those monies refunded to you up to three years after a win, Refund Management Services supplies some helpful tips to offset that American poker tax.
For example, did you know that thorough book keeping is a useful tool? Now before you say documenting your fun will take away from it when you’re down south to gamble, you should know American gambling losses can be filed on a 1040NR return and used against the winnings you earn. Remember, you need to keep good records of your winnings and losses and the IRS website suggests that receipts, tickets and statements are the best.
Don’t let American poker tax ruin your fun time down south. We’re the trusted company that’s been successfully completing US tax refunds for Canadians since the 1990’s. Why not let us help you today?