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Form W-2G for Hollywood Florida: What You Should Know
Why would I need to file to report? You are required to file for income tax withholding on income or gain derived from the activity listed on your RaceTracks.com casino business statement. If you want to maximize the amount of income you can report, you should have a good understanding of all the requirements so that you don't have to contact an accountant or tax specialist for any additional work. What do I need to do to get Form W-2G? If you are required to file Form W-2G to report income, see my Tips for Getting Your RaceTracks.com Casino Business Statement or contact your casino directly. Why is the W-2G so important? Because it shows which state and local gambling income is subject to income tax withholding and which income is subject to self-employment tax. What is a racetrack? A racetrack is a facility that hosts races; typically, a track runs track events, such as NASCAR and IZOD, as well as other sports and gaming. The purpose of racetracks is to facilitate horse and motor racing at a profit, without the need of using horses, motor vehicles, or other expensive equipment like stands, track surfaces, and electrical wiring. How do I fill out Form W-2G that I receive from RaceTracks.com? You need to fill out Form W-2G as a separate Schedule H (with your RaceTracks.com business certificate) and attach it to your tax return. What do I do if I received a 100.00 win? Make sure you use the correct form. Why am I required to report this win? By applying for a W-2G, you are giving the IRS permission to withhold from your income tax returns any race winnings and other income that exceeds your tax withholding for your regular personal income tax liability. What is the difference between this race winnings, and income from another source? There are several differences between this race winnings, and money that you could receive from another source. For RaceTracks.com, it is a race winning, not an income tax refund! Example: John and Mary are married and have two children, Elizabeth and Samuel Jr.
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