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Don’t Let The Gambling Tax Rate Spoil Your Fun

Just because you’re Canadian or from another part of the world doesn’t mean you can’t try your luck down south and gamble in the United States, but you need to be aware the gambling tax rate there will take a chunk of your winnings for Uncle Sam.

Don’t be put off by the numbers the first time you hear that a 30% gambling tax rate on winnings is the norm in the USA. Still, there are a number of things you can do to make sure the slice of the winning pie you get to keep is sizeable.

First, making sure to keep good books is one way to offset the gambling tax rate and how much the federal government will take back. That means you need to keep those losing gambling receipts as well as the cash from the winning ventures since you can show losses against winnings.

There are other ways around the American gambling tax rate as well. Having a professional company on your side that knows all the ins and outs is a bonus and with the right firm working for you, you can get a casino refund in just a few weeks.

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