Keep data of all US gambling activities
With the popularity of online financial tools accessible on your phone or tablet and note taking tools, organizing your gambling activities is as easy as a point and shoot camera. Nowadays, you can use applications to keep records of your receipts and bills, and financial tools to have a record of all your winnings and losses. What you want is an organized and less tedious manner to organize your records. You do not have to carry a diary. Simply type in your gambling activities and you are set. You can organize those later using spreadsheet programs or other tools. This is ideal since you want to make sure that the Gambling tax refund is as accurate as possible. Do not wait 3 years before getting a refund especially if you are always on the gambling venues.
Separate taxable gambling activities against nontaxable ones
Why is it important to separate these figures? The Gambling tax refund is only applicable for certain kinds of gambling activities. There are some games that are tax exempted. These games include baccarat, blackjack, and roulette. There are many others. If you won the lottery or in poker tournaments, maybe slot games and sweepstakes, you have to file that in a different IRS form since these are subject to 30% withholding tax. If you organize your winnings based on casino tax wins and those that are tax exempted, it is a lot easier to find those areas where you can pull some money.
Prepare your ITIN
If you want to make it easier for yourself to handle your Gambling tax refund, make sure that you apply for an ITIN in advance, when you know that you will be getting Gambling tax refund. The ITIN is one of the major requirements for the Gambling tax refund. If you do not have one, you will be subject to 12 to 18 weeks of waiting. If you have ITIN, you can shorten that waiting time to 8 weeks or around 2 months.
Getting your Gambling tax refund is easy if you prepare earlier on. If you are knowledgeable about your gambling activities and you prepare in advance, then you won’t have a hard time dealing with it at the end of the day.
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