If you’re a Canadian or foreigner from another land that has won at the track in the United States, you need to be aware there’s a tax on horse race winnings. Now while some people think they have no options and just need to pay Uncle Sam his due, there are other folks that understand a gaming tax refund company can help you get some of the 30% withheld back.
In fact, the right company that’s a member of the Better Business Bureau can help you get withheld taxes from a number of different sources like slot machine and gaming tournaments to name just a few. The best of these companies work to get you a bigger return and will let you in on the process when it comes to retrieving tax on horse race winnings by telling you the eligibility requirements like an IRS Form 1042-S and how to determine if your gaming losses qualify.
Keep in mind, the gaming tax refund company you deal with can make all the difference. With the right documentation and process working for you, you can expect to see the refund cash in as little as six to nine weeks.