May
19
2019

How to Avoid Online, Internet and Sports Gambling Tax

So you won some money at gambling, and you want to know if you have to pay the Government, income taxes on your winnings. Well, the short answer to that is yes, but there are some exceptions to the rule.

If you had gambling winnings you’re required to report them as other income on IRS Form 1040. The tax rate for online, internet and sports gambling winnings is the same as your regular income.

If you had gambling losses you are allowed to deduct what you lost, up to the amount that you’ve won. You are not allowed to deduct gambling losses that exceed your winnings, and you are not allowed to carry-over your losses from one year to another.

A Form W-2G is used to report gambling winnings from, internet, online, casino, sports betting, horse racing, lotteries, bingo and other legal gambling activities.

You’ll receive a Form W-2G if:

Income taxes were withheld from your winnings
You won at least $600 or more and your winnings were at least 300 times the amount of your bet
Your winnings were from a slot machine or bingo in the amount of $1200 or more
Your winnings were from keno in the amount of $1500 or more.

How to deduct your losses from your winnings

In order to avoid paying gambling tax you’ll need to itemize your losses on Schedule A tax form (itemized deductions). As with most itemized deductions you are required to keep a record of gambling winnings and losses. You should keep the date, time, type, place, tickets, receipts and any other records you have as proof.

By keeping accurate records of your online, internet and casino gambling you can pay less tax when you win. When you pay less gambling tax, you win again!

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May
11
2019

The Growing Popularity of Internet Sports Gambling

Do you love to gamble? Maybe you like to play card games, or bet on racehorses. A lot of people are captivated by the art of gambling. I consider gambling an art because I realize that gambling is not all about being lucky. I observed that professional gamblers have become so skilled that they don’t have to rely on luck. Take for instance those players who are skilled at counting cards. Honestly, I don’t see anything wrong with it.

I don’t agree with people who think that card counting is cheating. It takes talent to do it, and if someone is good enough to do it, then he or she should be allowed to do it. Since people who can count cards do it all inside their heads, it’s impossible to tell if they are actually doing it or not.

It would be ridiculous to accuse people that they are cheating by counting cards. The whole “counting cards is cheating” business is just another method casinos use to ensure their winnings. Anyway, in this modern age you don’t have to go to Las Vegas in order to place a few bets. Online poker and Internet sports gambling are the new-age way of gambling.

Many people don’t appreciate the security of Internet sports gambling. There is little chance of cheating or using any sort of talent that is applicable to other forms of gambling. With Internet sports gambling, there is no sure way of knowing who is going to win when you bet on sports teams. You can choose to place your bet on the better teams but winning is still not guaranteed.

Have you ever tried to bet on Internet sports gambling? Computer technology has made gambling very convenient. You don’t have to visit bookies in order to place a bet; nowadays all you need is a computer and an Internet connection. You can sit comfortably on your sofa while you browse through the betting options on your computer.

However, you need to exercise some control when you’re betting on Internet sports gambling. You are probably aware of what happens to guys who wager what they can’t afford. So if you are looking for a good place to beat on your favorite team in the upcoming game, then you should hop online now. Satisfy your gambling cravings by getting involved with Internet sports gambling. Remember to wager on the right team or else you’ll be throwing your hard-earned salary out of your window.

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