What The Federal Tax Reform Means for Gamblers – The Monday Link

EVERY MONDAY, NETG BRINGS YOU A GAMBLING POST FROM SOMEONE ELSE FOR YOUR INTEREST, ENTERTAINMENT, AND KNOWLEDGE. WE CALL THIS:

“THE MONDAY LINK”

According to Motley Fool’s Matthew Frankel, “The Tax Cuts and Jobs Act was the biggest overhaul to the U.S. tax code in decades, and it made some significant changes to the tax deductions that are available. Many tax deductions were kept intact, but others were modified, and some were eliminated entirely.”

So, where does this leave gamblers? What changes will impact you the most?

Here is the American Gambling Association’s coverage of the changes.

What Does Federal Tax Reform Mean for Casino Customers?

Read before you do your taxes.

Binbin

 

A Labor Day Request: Treat Casino Employees With Respect

labor-dayLike any workplace, casino workers can work under extreme circumstances . There are those that work under abusive conditions that include harassment, racism, sexual harassment, hostile work environments and more.  Between interactions with management and patrons, many days of working at a casino, and all its parts – bars, restaurants, hotels, entertainment venues – can be torturous at times, no matter how nice and hospitable they are. th (85)

Sure, every work place has its problems, but most don’t have to put up with drunk, entitled loud-mouths who expect more than they are willing to wager for. And through it all, so many give great service back with a smile.

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Beverage Attendants

 

personnel

Dealers

Today, let’s take a moment to treat all of New England’s Casino employees with a little more kindness, a little more consideration, and a lot more respect.  Then maybe we can all start a trend, whether in the casino, or our own workplace.

Here is a list of the numbers of employees in our New England Casino/Resorts, from the American Gambling Assoc. website.  Remember, a tip, a smile, a thank you – they all go along way to help anyone’s workday.  Start today – on America’s Labor Day – Honoring our great American workforce.

STATE                          # of CASINOS             #of EMPLOYEES

Maine…………………………….2………………………………1,458

Massachusetts………………..1…………………………………500+

Slot Attendants

Slot Attendants

Rhode Island………………….2……………………………….5085

Connecticut……………………2………………………………15,000+

It’s not just here in New England. AC, Vegas, and everywhere in America’s casinos – show appreciation for great service and help. Make some casino employee’s day a great one today.

Happy Labor Day, America.

Binbin

IRS Wants Even More of Gambling Winnings – and More Info About You, Too

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Did you know that gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings taken from the IRS website:

  1. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes.
  2. Depending on the type and amount of your winnings, the payer might provide you with a Form W-2G and may have withheld federal income taxes from the payment.
  3. The full amount of your gambling winnings for the year must be reported on line 21 of IRS Form 1040. You may not use Form 1040A or 1040EZ. This rule applies regardless of the amount and regardless of whether you receive a Form W-2G or any other reporting form.
  4. If you itemize deductions, you can deduct your gambling losses for the year on line 28 of Schedule A, Form 1040.
  5. You cannot deduct gambling losses that are more than your winnings.
  6. It is important to keep an accurate diary or similar record of your gambling winnings and losses.
  7. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

So, did you know all that?  Say, you go into a casino – once, with friends – and you win $100.  You keep it, take it home and never go to a casino again.  That $100, my friend is taxable.  It is bad enough that a person could go in and bet $20, win $1200 and get a 1099 and put it all back in leaving with nothing. If they don’t itemize they will pay taxes on the $1,200. No on wins except the casino and the IRS. This is penalizing the taxpayer for the entertainment of gambling. Here’s a true story.

One time in Las Vegas, before the Ticket-In Ticket-Out technology, I was playing a Triple play bonus Video poker machine.  Anyone who plays VP knows that Max play or usually 5 coins, gives you the jackpot of $4000 credits, or essentially $1000 playing quarters. On this triple play machine, on one play I hit a Royal – $1000 non-taxable by a W2-G form.  But…..on another line I also hit a Straight Flush for $250 credits, bringing my grand total to$1250 in winnings.  Well, as you can expect, the machine locked up, the slot staff came over and minutes later, I received my payment of under $900 (instead of $1250) and a tax form.   Continue reading