Gambling Advice for expert internet casino players.
Okay so you have started playing at online gambling casinos. You have thrown a couple of coins at slots, you've called bluff on online gambling casino poker and now you figure your a hotshot on all the casino games.
Hold em though cause now ya ready to go Big League, the Big Time Gambling !!
Well at at the Casino lobby we give you just that, expert gambling advice. Strategies, playing sheets, odds variations, best bonus's right here. So lets get a move on gambling player...
First thing first, about the gambling money you about to make.Lets make sure your gambling tax matters are covered.
You are one of the expert online gambling players who win money at the Gambling casinos, you may find you aren't so lucky when you fill out your taxes. Uncle Sam loves to share in your joy by claiming a bite of your winnings for himself. That is exactly what happens each April 15th, to many "Winners" who don't keep a gambling diary or logbook of games played like slots, poker, baccarat and roulette.
When you win an online gambling jackpot over $1,200 on slot machines or have other big wins at keno or the racetrack, you will receive a W-2G form. A copy of this goes to the IRS and you are required to list these winnings when filing your income tax. The law allows you to deduct gambling loses up to the amount of your winnings. You can only do this if you have documentation of your loses. Keeping a diary or gambling logbook, is the way to do this.
Your gambling log does not have to be fancy. You can keep it in a small notebook that you carry in your pocket. However when you carry your gambling log, you risk the chance of losing it. Many players I know prefer to write their daily play in the notebook and then transfer the information onto a spreadsheet on their computers.
A proper gambling log must contain:
1) The type of casino game you played. (Slots, Keno, Craps, etc).
2) The date and location where you played on the online gambling casino.
3) Your wins and losses for each session or gambling game.
4) Additional evidence of internet casinos gambling activities.
Gambling Tax information does change and I am not an accountant but this type of log has been accepted in the past. If you have a number of large wins on internet gambling casinos it would probably be wise to discuss this with a certified accountant. An american president said, " The only sure thing is Death and Taxes." We all have to pay taxes but we don't have to give Uncle Sam any more than we have to.
Recording wins and losses for taxes in only one reason to keep a logbook. If you play a game of skill such as poker or blackjack, you can use your logbook to access your skills. If you are serious about your game it is imperative that you keep a log. Keeping records is the only way you be able to tell if you are a winning player or not.
Many players don't feel that it is necessary to keep records. If you ask these same internet casino players if the are winners they will usually answer in the affirmative. The truth is that without records, there is no way to be certain. Many casino players have selective memories. They tend to remember the big wins and will tell you that they occasionally lose "a little." It is possible that these little loses on internet casinos when added together will offset the winning sessions that they remember. The only way to be sure if you are truly a gambling winner is through honest and meticulous gambling record keeping.
Starting a log at the beginning of each year makes it a lot easier to keep track of all your gaming activities. Some players keep a separate log for each casino game they play. This way they know exactly where their gaming dollars are won or lost at a quick glance. It doesn't matter how you keep your log as long as you keep one.
Until next time, remember:
"Luck comes and goes... knowledge stays forever."
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