Comments on: Tax Season Talk

By: Derick

Derick — Fri, 02 Mar 2018 00:01:24 +0000

Ref the w2g taxes I’m going to just deduct the federal right off the win just to not have to deal with it. If I figure the top of our tax bracket is 32% will I be able to tell the person handling the w2g to take 32% out for federal or do they just do a basic 25% if requested?

By: Walter Hamilton

Walter Hamilton — Thu, 15 Feb 2018 14:57:21 +0000

If you are a $1 single line player, consider going to $0.25 5-play instead (assuming the pay tables are the same for the game that you play). This is roughly the same amount of coin in, but very little chance of a W2-G.

By: Raymond Ray

Raymond Ray — Thu, 15 Feb 2018 01:59:29 +0000

If they would adjust the reporting number to $2,400 or even $1,800, it would be a great help. The casinos could raise the payouts over the $1,200 they have now (yeah, right) and would make a huge dent in the paper work they have to file.

By: Kevin Lewis

Kevin Lewis — Thu, 15 Feb 2018 00:49:08 +0000

There’s really only one issue here, and nothing has really changed: the fundamental unfairness of having to pay taxes when you win but when you lose, those losses don’t count. If you had any other income-generating activity wherein you might realize a loss, such as investing or operating a business, you could use that loss to offset profits/income in your other endeavors. What is the logic for excluding gambling income and losses from that rule?

The government wants to have it both ways. You win big, they have their hand out for their share. You lose big, don’t come crying to us, it doesn’t count. Consider a person who in Year 1, earns $30,000 in wage or other “regular” income but also hits a $50,000 jackpot. The next year, he earns the same $30,000 but loses $50,000 gambling. He winds up paying taxes for the two years on $110,000 but in reality, only earned $60,000. How is that even remotely fair?

So the only real issue is putting people in office who will be willing to reform the system. Until then, we’ll be constantly had–the only question is how.

By: Dave Antes

Dave Antes — Wed, 14 Feb 2018 18:59:42 +0000

Why didn’t you mention Session Reporting as an alternative?