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Big_Rob_48 United States. Mar 26 2008 15:43. Posts 3432 | | |
So after looking around for a while on forums I finally did my taxes. I was just like w/e with all this individual tax professional mumbo jumbo and I just went to the nearest H&R block. I wanted to have my taxes done so that I was only taxed on what I put into my bank account for the 2007 year, which was 50k, but the tax person said that wouldn't work. So I took a PT screenshot of 2007 and got taxed on the 70k I made. Its kind of fucked up though, because if I am getting taxed on something that isn't even withdrawn yet, and I lose the money before putting it in my bank account, then what? Oh well, it wasn't THAT bad, I have to pay $13,500 on that $68,250 which isn't even 20% so its all good. Although, for next year they advised me to keep an excel log of the end of every day's net won/loss.
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| My AIM sn if you want to chat: YoRobbyMiller | |
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SKoT United States. Mar 26 2008 15:45. Posts 1768 | | |
There was some court ruling that said money in the account is still considered income |
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k2o4 United States. Mar 26 2008 15:45. Posts 4803 | | |
that's gay - I am going to try and avoid that, or so that has been the plan so far. It seems like total BS that they can tax you when you haven't withdrawn it. |
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Babs Australia. Mar 26 2008 15:49. Posts 1178 | | |
wow America is gay, get raked and then taxed, double owned |
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| Never interrupt your enemy when he is making a mistake - Napolean Bonaparte | |
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SKoT United States. Mar 26 2008 15:53. Posts 1768 | | |
| | On March 26 2008 14:49 Babs wrote:
wow America is gay, get raked and then taxed, double owned |
taxing income is completely different than a company charging people for using their service
... |
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tapatapaz Brasil. Mar 26 2008 15:59. Posts 1279 | | | |
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| And what does self awareness have to do with anything you retard? srsly stfu. - baal | |
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sniderstyle United States. Mar 26 2008 16:02. Posts 2046 | | |
That's interesting. No one ever pays taxes
I plan on paying taxes if I start making a ridiculous amount but under 100k/year, I'm going to bitch out. |
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| Genginho: lose today 100 dollar only because of fishs they called and had luck on river | |
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wtf that fuckin sucks.. any way around this? maybe start a 2nd database once you reach 50k? |
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Big_Rob_48 United States. Mar 26 2008 16:06. Posts 3432 | | |
no way man, i already have 100k in my bank account, i'm payin everything that i owe under the law. I just like to not have to worry about shit, it sucks, but under 20 percent aint that bad. |
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| My AIM sn if you want to chat: YoRobbyMiller | |
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21drful United States. Mar 26 2008 16:16. Posts 400 | | |
yea thats actually not that bad, if you are paying 16 k i wonder what brian hastings is paying....lol 1.2 mill in 10 days |
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k3rn3l Hungary. Mar 26 2008 16:24. Posts 217 | | |
cant you make your own excel chart with made up results?
I mean who can check that chart? |
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my H&R person told me its a game of chance, no taxes
shippp |
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| Im only good at poker when I run good | |
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KeanuReaver United States. Mar 26 2008 16:49. Posts 2022 | | |
rake should be a deductible |
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| and the endurance required for MMA, which has actions like punching and kicking bone and muscle with 1000-2500 PSI. - Taco | |
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FoolsPlay Canada. Mar 26 2008 17:07. Posts 1335 | | | |
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| if you add tons of macro options and units and keep the old obligations like sending scvs to mine, pros will just focus less on micro which sucks imo -Floofy | |
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Baalim Mexico. Mar 26 2008 17:10. Posts 34262 | | |
| | On March 26 2008 15:49 KeanuReaver wrote:
rake should be a deductible |
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k2o4 United States. Mar 26 2008 17:26. Posts 4803 | | |
| | On March 26 2008 16:10 Baal wrote:
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qft
you should also be deducting computer costs, rent (your office is at home right?), maybe electric bills, CR membership, I dunno, get creative! |
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ghaz Zimbabwe. Mar 26 2008 17:41. Posts 118 | | |
you are already deducting the rake... otherwise you'd have to add up all your poker winnings, add on the rake and then deduct it again...
obviously you should be deducting any computer cost etc etc etc. |
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yikes that blows, thank god they don't tax poker in canada. |
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| Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that most frightens us and as we let our own lights shine we unconsciously give other people permision to do the same | |
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Yo big rob here are a couple of things I think are true you might want to check on. Firstly, if you have your year in PokerTracker you can export the sessions to excel already. To do this go to the sessions tab, "p" button for print, and then click export to excel. Secondly, I am not sure if you filed as a "professional" or as an "amateur" but you cannot just take a screen shot as an "amateur" and use that as evidence for the IRS for filing status. That is because amateurs cannot just claim the net. They have to claim all winning sessions totals, and then deduct all losing session totals. Amateurs are also not able to deduct anything related to poker such as computers, chairs, training sites, etc... Only professionals are. Professionals are also able to net the total of their winnings/losings and claim that. The catch is that professionals also have to file for a self employment tax which runs ~10% I believe. All of this is stuff that I found somewhere but cannot point to the sources or say 100% I am sure about everything but the posts above just seemed to contradict what I found to be true so I just wanted to get this out there.
Good luck,
Austin |
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Canada. Mar 26 2008 17:47. Posts 20070
