Tag Archives: winnings
How To Win At Casino Slots (Page 1 of 2)
1. Pick The Right Online Slots Casino Game For You
Every online casino slots game is fun, but the variations in game play mean that each game has something different to offer. It is worth having a look around to find out which online casino slots game might suit you the most.
Also, consider how much money you have to play with and how you want to win. If you would rather win little and often and play for longer, chose an online slots game that offers a good range of small to medium payouts. If you are focused on hitting the big jackpot, then progressive online slots are for you!
2. Set A Bankroll Limit
Always decide how much money you have to play with before playing any online casino slots game – and stick to it. If things are not going your way, switch to an online casino slots game that allows you to vary the coin size.
3. Choose A Casino Slot Machine With A Low Coin Size
Many online casino slots games allow you to choose the coin size you bet with. The longer you play, the higher your chance of winning. By starting with a low amount, you will get the maximum games for your money, which gives you more playing time. Remember, you can easily switch to a higher stake when you are winning. The longer you play an individual game of online casino slots, the greater your chance of hitting the jackpot!
4. Lock Up A Profit
If you hit a jackpot, make sure that you “lock up” a profit. That means, take your initial playing stakes and a little profit and set it aside. Then play with a small percentage of your winnings. There is nothing worse than the feeling of being a winner, and then giving back all your winnings to the casino. Take a break after a hitting a jackpot. Savor the win and enjoy it!
5. Keep A Log
If you hit a jackpot over $1,200, you will be given a W2-G and your winnings will be reported to the IRS. If you keep an accurate gaming log, you can use your losses to offset your winnings come tax time.
6. Always Look For Slot Machines With Higher Payout Percentages
This can vary from game to game, as well as from casino to casino. If you do your research ahead of time by looking through advertisements and speaking to slot floor managers, you will likely be able to find a machine that pays out in the 96-98% range.
7. Play With Money From Your Initial Bankroll
Do not play with any credits you may have earned along the way. By doing so, you will always walk away from the machines with some money in your pocket. Never bring money to the casino that you need for other expenses. If you cannot afford to lose it, then you should not be playing it in the casino. Break down your casino bankroll into several playing sessions. Do not risk it all in one playing session.
8. Play Full Coin In Progressive Machines
Progressive machines offer large jackpots. The big progressive jackpot is made by taking a percentage of all the money played into the machine. You can only win the progressive jackpot if you are playing the maximum number of coins. Do not play these machines if you do not plan to do this.
Paying Taxes On Online Poker Winnings
Poker winners do attract the tax officials eye on them, even though online poker is legal in U.S and many other countries, the government has a share in the winners earnings. The IRS or Internal Revenue Service in U.S. is directly responsible for tax law enforcement and collection of taxes from the public.
All U.S citizens are liable or taxable, if they win any online poker game. It is advisable for new poker players to seek the advice of a reputable tax professional before joining the bandwagon of online poker gamers.
Many players believe that online poker websites with foreign addresses do not come under Americas stringent tax rules, but it is not so. American government enforces Federal tax on the global gambling world and its income. So, winning parties have to pay the taxes on the income gained by them through playing online poker games.
Keeping a Track of Online Winnings for Tax Related Issues
It is best for any gambler to maintain a log book with excerpts on their individual gambling activities. Players can find helpful insights on the internet about the exact requirements and Gambling Law U.S.
Some of the salient features are as follows:
o Keeping an accurate record of all online gambling winnings and losses. o Correct date and time entered about the wagers o Full and correct name and address of the gambling location o Names of the playing partners at the venue o The exact amount lost or won by you as a player.
Maintaining Regular Ledger Updates
These records of the losses and wins entered on a daily basis will be sufficient for the IRS while checking your tax liabilities. Thus, as a dutiful law abiding player, you should keep daily records and enter them quickly after the end of every gambling session. Thus, you will never forget the details nor give wrong information to the IRS.
Taking Expert Advice of Tax Professionals
Any reliable and experienced tax professional will be able to guide you as a gambler about the intrinsic rules and regulations involving payment of taxes on online poker room earnings. All gamblers need to be serious about paying their taxes and not take them lightly. For authentic info gamers can also try Russell Foxs blog on online gambling tax requirements.
Simple Ways to Meet Tax Requirements
Online poker players can always maintain a written log using pocket diary or notepad. It is important to note down the date, time, card room name, other players names and the end result. Using a computerized system can also suffice. One must also keep legitimate proof of the receipts, payments and other papers as proof for tax return files.