The Tax Man Cometh
For those of you who are not aware of the tax laws I would just like to point out that when you play slot machines anything one win over $1,200.00 is taxable on the full amount of the win. For U.S. citizens you get a W-8 or something like that to claim on your taxes and for Canadian citizens they take 30% of the top of your winnings before they give it to you.
HOWEVER, in poker tournaments the taxable amount starts in most states at $595.00 and again it's the same thing. Anything over that then the full amount gets taxed.
In this instance being a Canadian is a bonus because we can apply to receive all of the taxes back once it is tax time (April in the U.S.) and if you are unsure of how to do it you can pay a commission to an agency here who will do it for you. Since it would have been "lost" money in the first place paying the small commission is worth it in my books.
__________________
PokerPrincess
Live, Love, Laugh 
Last edited by PokerPrincess_Sandy : 11-02-2006 at 07:28 PM.
|