[ Home ]

[ Slots News ]

Tax Time is Here

For those of you who will be filing your taxes next week, here are some helpful hints to make it go just a little smoother.

First of all, you have to figure out what you can claim. The biggest question comes down to losses and wins. You have to claim your winnings – that is a fact, but you can also claim your losses. You cannot claim more losses than winnings, but you can balance them out.

You need a gambling notebook however to do this. You must keep impeccable records of when you played and how much you lost or won. Every time you sit down to play your online slots or any form of gambling, make sure you have your notebook with you – those notes will save you come tax time.

For each entry you must have the date, the start and end time of playing, the name of the casino you are playing at – whether online or B&M, and what you are playing. If you are playing table games – write the table number and what the game is. If you are playing online slots, write down the game you are playing online.

They will accept the log as they consider your taxes to be a legal document. If you lie on your taxes you are facing the penalty of perjury – so it is in your best interests to make sure you are telling the truth.

 

Back to April 2008 Archive.