Maximizing your tax return chances
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In our first article, we talked about the importance of keeping our gaming records in a log. In order to do this, many tools are available to the player.
Of course, taking notes on a smart phone as we sit down at a gaming table helps our memory. But this tool is incomplete and only temporary. Still, it allows players to transfer in an efficient way their information to their log. A lot better than noting a table number on a napkin!
The best tool for a winning player
Every serious player must have with him fidelity cards from the casinos where he or she plays. Simply called player cards and seen by most as an annoyance, only serving to accumulate useless points, these cards can become a powerful tool in expert hands.
Player cards can act as a first line witness when the time comes for recuperating income taxes. Because the card records your presence at gaming tables and their limits, it acknowledges your activities. Except for slot machines, there is no follow-up of results for players so you must complete that part yourself on your log.
Your card thus becomes a major help as it witnesses your activity. Still you must do the rest by yourself. You still have to write down what table you sat at, for how long and your wins and losses. It seems simple, but this is not something that can be done upon coming back home. The only way to substantiate your declaration is by having accurate records.
The player card will be profitable for your tax return, but it also can provide many interesting advantages! Casinos use it also to monitor your activities. For them, whether you win or lose at the tables, your presence is all that counts. And even for those who only play poker, there are huge advantages.
Knowing your player profile and having your email address, casinos and their hotels will be able to recognize and contact active players and offer them special invites with reduced rates. Often, these rates are lower than the poker room rate offered.
Casinos will also invite you to all kind of special events, not always gaming related. However, these events are always a lot of fun! Furthermore, some casinos request that you have such a card in order to register to a poker tournament, offering you special deals in return. For instance, the WSOP require you to have a Total Rewards card, the group's player card. They in return guarantee you a very special room rate, whether you stay at the Rio or at any other Caesars hotel. For some, their stay will be comped altogether.
Let's not kid ourselves, every poker player, pro or novice, will find their way to a gaming table eventually. Either to relax after a bad poker day or to celebrate and unwind after a great day, everyone lands on a gaming table sooner or later....and usually helps the casino pay a few bills! If you're going to sit down for a while, why not benefit from it.
Certainly the number one tool in a winning player's sleeve, the player card represents a lot more than what we used to think. Not using it hurts players, specially the winning players. Ask for it, and always use it.
This way, as you contact Gamblingtaxes.ca to do your American tax return, you'll be well equipped to get back what you're entitled to.
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