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#1
11-22-06, 12:56 AM
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TP, my tax guy said you only need to play 10 hours a week to consider yourself a business.
Also I lost a PT database when my computer broke but my tax guy is saying that for the first year of doing this there should be no real problems if the wins/losses thing isn't totally accurate in Missouri as long as the Net income is right on - which I know for sure.
__________________
"Suffer the pain of discipline or suffer the pain of regret" "Rome wasn't built in a day" |
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#3
11-22-06, 01:33 AM
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Yeah, I've seen like 3 or 4 red flags (at least) from this guy already. Do yourself a favor and at the very least do some research on your own (those threads I liked to are a nice start), and then go talk to someone else. This guy could end up getting you in pretty big trouble.
And eejit, I know I shouldn't even dignify you with a response, but "paying taxes" <> "giving money away." Stop being a fucking tool and suggesting people commit felonies. FFS, man... 
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#4
11-22-06, 01:45 PM
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JD, you need to find a tax attorney and/or CPA with experience dealing with gambling issues.
While the IRS usually requires 2 prior profitable years (to demonstrate an expectation of success) to justify filing your gambling income as self-employment income, people have fought that and won. The simple fact that poker is your primary source of income is a strong mitigating factor, but you need an advocate who won't let the IRS run over him. This statement troubles me about your guy:there should be no real problems if the wins/losses thing isn't totally accurate in Missouri The federal tax code does not change based on what state you live in. Any statement he makes regarding Missouri is only relevant to MO state income taxes. Federally, you still must list all winning sessions as *other income* on form 1040, and all losing sessions as an itemized deduction on schedule A. IRS pu. 529 expressly forbids claiming the net. This isn't as bad as it sounds. As long as your records indicate an honest and consistant attempt to be accurate, the Feds won't be too rough on you. Remember, their job isn't to put people in jail, their job is to collect money. They only get tough when they think you're trying to deceive them. The guy you talked to sounds out of his element. Find somebody who kinows this stuff.
__________________
"Animals die, friends die, and I shall die. But the one thing that will never die is the reputation I leave behind." Old Norse adage |
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#5
12-04-06, 04:55 PM
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I talked to some tax lady today, and she said I would owe 45% (yeah, that's not a fucking typo). Some 15% self employment tax added on. That can't be right can it?
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#6
12-04-06, 05:06 PM
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thats insane and i really doubt its correct, but i guess it depends where u live and whole bunch of other stuff i have no idea about.
__________________
"Suffer the pain of discipline or suffer the pain of regret" "Rome wasn't built in a day" |
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#7
12-04-06, 07:20 PM
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I don't think so... but I've never had 100% of my income be from poker, so I'm not sure. Are you able to declare yourself a "Professional Gambler?"
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#8
12-04-06, 07:25 PM
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I believe so. Maybe next year I'll get myself a job at McDonalds so I can save myself 20k in taxes.
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#13
12-10-06, 12:10 AM
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LOL thats awesome.
and i still think theres ways to make it less.
__________________
"Suffer the pain of discipline or suffer the pain of regret" "Rome wasn't built in a day" |
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#14
12-10-06, 12:25 AM
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HAHAHAHAHAHAHA.
And JD, You can be aggressive with write-offs and find ways to reduce your taxable income, but the %s aren't going to change. Just because you want something to be a certain way, doesn't mean it's going to happen. You're going to owe A LOT of taxes. God Bless America. 
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