Whether you roll the dice, bet on the ponies, play cards or enjoy the slot machines, you should know that as a casual gambler, your winnings are fully taxable and must be reported on your income-tax return. You can also deduct your gambling losses, but only up to the extent of your winnings.

Here are five important tips about gambling and taxes:

For example, this occurs if you win:

On the Form W-2G, Federal taxes are withheld at a flat rate of 24 percent.

Before you celebrate the "big win," put some money aside for Uncle Sam, because if you win, he wins! Refer to IRS Publication 529, "Miscellaneous Deductions," for more details and information.

Barry Lisak is an IRS Enrolled Agent, meaning that he has passed special U.S. Treasury Department exams that qualify him to represent clients dealing with audits or tax-resolution cases. Any questions can be directed to him at (516) TAX-SAVE, or mrbarrytax@aol.com.

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Tax Tips on Gambling Winnings and Losses | Professionals' Columns | thechiefleader.com - The Chief-Leader