As a US causal gambler, who isn’t in the business of gambling, winnings are fully taxable and you must report income on your tax return.
Gambling income includes but isn’t limited to winnings from:
· Horse races
The fair market value of prizes such as cars and trips are also taxable.
The company, organisation or person awarding the money or prize is required to issue you a Form W-2G , Certain Gambling Winnings, if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding.
You may deduct gambling losses only if you itemize your deductions on a Form 1040, Schedule A. The amount of losses you deduct cannot be more than the amount of gambling income you reported on your return.
Under the U.S. Tax Treaty, as a UK citizen you are not required to pay tax on your winnings. You can use a Form 1040NR to claim the amount back.
Contact us for advice on US Gambling tax as a US, Canadian or UK citizen.
Below is a summary of the major tax incentives that Congress has put in place to encourage certain behaviours by US corporations.
US corporations and individuals are allowed a multitude of different deductions for cash outlays they make throughout the tax year. However, for technology companies and individuals with tech-based hobbies, it can be confusing as to what expenses can be deducted. Below is a brief summary of what can and cannot be deducted for US tech companies and tech-interested individuals.
As a company owner it is common to employ family members, such as a spouse. The employment tax requirements family members can vary to those that apply to general employees.
As a US expat, charitable contributions can be made to reduce your tax liability. American expats living abroad can make a charitable donation to a wide range of US and foreign charities. However, it is essential to follow several IRS rules to make sure that charity donations are tax deductible.
Actors, directors and performers are unique when it comes to the world of taxes. We specialize in the acting profession, providing advice on the special tax rules that apply to individual actors, groups of performers and companies.
The type of business you operate determines what taxes you must pay and how you pay them. Below are five general types of business taxes:
Who must pay estimated tax?
- Excise Tax