Tips in Preparing for a Big Roll

A lot of players are wondering on how they can prepare for a big roll. Like if a player is playing craps and the big roll finally comes in the game; What do you do? A player can start with a $10 dollars pass line wager, two $10 dollars come wagers with good odds and then keep enlarging their wagers until the player wins.

The player can then decrease their bets if they lose. The craps shooter can keep shooting the numbers and after the tenth number, the player can then decide on whether they will continue or not.

The players will undoubtedly be happy on the winnings that they will receive which is $3,500 dollars. The next question is how they can minimize the taxes that they have to pay regarding their winnings?

Players are required by the law to report any gaming wins as an income to the Internal Revenue Service. Usually all casinos have a policy statement regarding on taxes in gaming wins, which is available for customers at the casino area without any cost at all.

If you choose not to report your winnings as income in exchange for not thinking about it for seven years, there is a simple way to minimize the taxes that a player has to pay. A player should keep a statement of all the wins and losses that they have incurred over the past year.

If the player played a lot of times this year and lost around $2,500 dollars, the player can minus it from the previous win in the craps table which is $3,500 dollars and only pay taxes on the $1,000 dollars.

If a player is in the 20% percent tax group, a player would need to pay $700 dollars on taxes on their $3,500 dollars win in the craps table.

On the $1,000 dollars, a player only need to pay $200 dollars (the 20% percent of $1,000 dollars is $200 dollars) by keeping good and accurate winning record, a player would have save around $500 dollars.

The IRS does not care if the player loses more compared to the times that the player won over the past year. If a player wins a larger cash jackpot, a player still needs to pay the taxes for that win. In order for the player to balance their wins with their losses, they need to keep a good and accurate record.

A player's losses on different casino table games like Blackjack can equalize a good win on the craps table. If you get audited by the IRS, the player needs to keep accurate records like withdrawal receipts, statements, vacation documents and anything that will support their claim later on.

This might seem a lot of work but if a player really wants to win big when they play at the casino, they should really prepare for it. By keeping excellent and good records, they will be able to keep most of their winnings too, so when that big roll comes, the player will be ready for it.