Time for Some Payback – Prep Your Taxes

tax-time-survival

Happy new year, folks!

I want to personally thank all of you for following us last year hope we are able to help you out this year.

We wanted to launch into something folks tend to forget about: taxes.

If you played at a charity casino event or a charity poker event last year, your buy-ins are tax deductible.  Great right?

This is a fantastic time to get your paperwork together.  Reason being is the earlier you file, the faster the return.

If you file your taxes with an accountant, be sure to send over your receipts to them for your itemization.  This would include all charity donations including church tithes for the previous year.  In New York State, anything counted after $5,000 will be additional credit to you, so make sure you get everything.  For those in other states, please contact your tax prep agent for more information on charitable thresholds.  They should give you a better idea as to how much you are allotted automatically.

If you lost your receipts, don’t worry.  All non-profits need to validate all donations throughout the year, so they will have a full record of your donations.  Contact the charities associated with the events you participated in and ask them for the previous year’s donations for your taxes.  They will be able to get that information to you.

Also, if you regular casinos and have had significant losses, make sure you contact that casino and request a W-2G form for your wins and losses.  When you sign up for membership privileges at casinos, what they also do is track your wins and losses.  Your losses can be used in your tax returns as well, since the funds lost and also sent to the state.  Generally those who play consistently get these documents, however if you have your player number handy, you can contact your favorite casino for your W-2G.  Please note that there is also a threshold in regards to how much of a return you can expect back.  I believe losses in the $5,000 range applies in New York (that may have changed).  Please consult your tax adviser when filing.

Who said playing cards don’t pay?

Good luck in 2015!

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  1. Pingback: Time for Some Payback – Prep Your Taxes | We Are The House

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