Post about "games"

Understanding How Online Casino Tax Works

One common question comes from online casino players is that whether they are going to pay their taxes or not in playing casino games. “What if we lose?”, “How the taxes deducted from our winnings?”, “Do they always deduct taxes every time we play online casino games?” These are the common confusion many gamblers are dealing with.So, to start it depends on the gambling law that a particular country has specifically in managing an taxes from online casinos. But not all winnings are automatically taxed by the government. But it is always a player’s responsibility to understand everything about laws that are related to gambling so that they will be aware of how their country deduct money from their winnings. Here are the common processes that occur when getting a tax from online casinos and players (this is very important specially if you are a player from the United States).Winning Taxes:In many countries around the globe, especially the USA, it is mandatory for a player to submit or share something from her/his winnings. Sometimes, it reaches to the highest rate which is 50%, the lowest is 30%. How do they know if you win? You are obliged to declare your money or else you will be questioned if they track your money in their audit. Every player is required to declare their money if they win from playing online casino games to the IRS (Internal Revenue Services) whether it is offset by loses or not.Though the fact still remains that online casinos specifically from U.S. do not declare the amount of your winnings, and of course the federal law do not know if you win or lose, you still have the obligation to follow the law and declare it in your own because at the end, you will still end up explaining to the IRS where your money comes from because they will track your money through their audit.If you are a big time or the what they call “high roller” player and choose to declare and pay your online casino tax, it will be reported as other income on U.S. tax returns. The process goes by submitting only the net of your winnings. Meaning, if you play blackjack and win $3000 from a $300 bet, that means you have to declare all $2,700.The only exemption is that you are only required to declare and pay online casino tax if and only if you win big. It considers big if you win 600$ above, and that’s the only time that you are going to declare how much money you have won from playing casino games in the internet.Tax when a player lose:About tax when you lose, they indicate it as itemized deductions and will be deducted to your winnings. So it would be much better if you will take care of your taxes and keep them on track. Listed under “other miscellaneous deductions”, you are able to deduct up to the amount you have declared in your total winnings. Please be reminded that you are not allowed or you can’t show a gambling tax loss. For example, if you have declared $5,000 in your winnings, you can also declare $5,000 in your itemized deductions under losses. Just make it sure that you will not exceed to the amount that you have recently declared.It is imperative that you must prove your winnings and losses. That’s why keeping every receipt, tickets, etc. you receive from playing online casino games is a good option because the IRS strongly suggests that every online gambler must keep everything that will prove if they win or lose. All details must be included such as, the type of bet, how much you win or lose, name of the casino site, the I.P address of that casino, etc. Keeping a detailed book of your payment methods like eWallet, credit cards, debit cards etc. is very essential in paying your online casino tax.So to conclude, keeping records in playing online casino games and making sure that they are well-organized will keep you away from being questioned by the IRS and also to avoid them sending you to jail for not paying taxes. And of course, you will be able to pay your online casino taxes hassle-free.

Why you might consider Fun Casino Hire

Fun Casino Hire is a great way to entertain guests at a party and make your event memorable.

A Casino party will not only add color to an event but also provide glitz, glamour, and entertainment that guests will never forget, be it for a wedding reception, birthday party, corporate event, bachelor party, or staff function.

Most people haven’t the first idea of how to play Casino games. Don’t despair, the croupiers will quickly explain the games, and the great news is, these Casino nights are just for fun, no actual money changes hands in a fun casino event so nobody will go home a loser at the end of the night.

A Fun Casino party can be hosted in your home (subject to space requirements), a function room or marquee, and most venues can be transformed within 30 minutes into a fully operational Fun Casino complete with professional equipment and croupiers.

Upon arrival at the Casino event, guests receive personalized fun money. (This can be personalized with company logos, photo of the newlyweds, or the person you are honoring with the celebration) The play money is exchanged at the gaming tables for playing chips. Guests compete against each other to see who can accumulate the most chips.

Fun casino games serve as icebreakers and get guests mingling with each other. These events usually enjoy a 90% (or higher) participation rate from the guests. From the time the guests arrive and the casino games start until the closing of the games, the guests are on their feet, moving from table to table, enjoying different games. Guests enjoy a level of interaction you will not achieve with other forms of entertainment.

There’s nothing like beating the banker in Blackjack or watching the ball drop into your winning number on an eye-catching roulette wheel, the thrill of the brightly colored heavy casino-grade chips as they move back and forth between the dealer and players, and means that there will be plenty to talk about long after the event.

Extra excitement can be added to your fun casino night by offering prizes to whoever has the most “Fun money” at the end of the night. Gifts or prizes can be allocated to the winners of each game. With the added incentive of prizes, the guests will play with more enthusiasm to see who is crowned the King or Queen of the Casino party.