Withholding Tax Recovery Services | Finding a Refund Management Company
If you have had gambling taxes withheld from your winnings in a US casino and are not yourself a resident or citizen of the United States, you should look into having a refund management company help you to obtain a rebate on the taxes that were withheld. If you are a citizen of another country and have won money at a US casino, you are no more obligated to pay taxes to the IRS on those winnings than you would be obligated to pay taxes to the IRS on your regular income. In fact, as your winnings may be taxable in your country of origin, paying the US gambling tax may result in your being taxed twice on the same income. This is why it is important that you use a tax recovery service to recover the withheld portion of your winnings from the IRS.
The IRS, or Internal Revenue Service, is the entity within the United States’ federal government responsible for collection taxes from US citizens. US citizens are obligated to pay taxes on all income sources, including gambling winnings, which is why the IRS withholds thirty percent of the money won in a legal casino at the time of the win. This eliminates the possibility that someone might make a big win at a casino, and fail to claim that income when they file their taxes for that year. If an individual pays more taxes than is necessary, they can secure a refund on their tax return.
Dealing with the IRS is difficult, and the procedure can be confusing even for those living in the US, to say nothing of people who are not even citizens. A refund management company will be experienced in the field, and will know how to deal with this entity as simply and efficiently as possible. They will know what forms you need to fill out, what documentation you need to provide, and how to secure the win slip filed with the IRS by the casino, which will detail the exact amount of tax withheld on your winnings.
Withholding Tax Recovery Services can help you recover a substantial amount of money lost to US gambling taxes. You can find out if you’re eligible for a refund by visiting a refund management company online. If you meet the criteria for obtaining a refund, you can engage the refund management company to help you collect your due from the IRS. Engaging the services of a refund management company will save you both time and frustration, and give you a much better chance of collecting the gambling taxes withheld from your winnings than you might have if you attempt the process on your own.
Resource: If you’re attempting to recover your US gambling taxes from the IRS, you should use refund management services. A company such as US Tax Recovery will be familiar with the procedures required to recover your withheld winnings, and will help you get that money back.