FCP Bob 1,321 Posted August 18, 2008 Share Posted August 18, 2008 Good luck and congrats Acid.I would assume that there are more accountants in Las Vegas who understand the tax situation for poker players than in other places so you should be able to find good advice.As others have said make sure to get out of the house and do other things. When you work from home whether it's poker playing or something else it's important to get away and interact with others. Link to post Share on other sites
mase_gotsem 0 Posted August 18, 2008 Share Posted August 18, 2008 This post is pretty much the reason the government is enforcing the UIGEA and giving online poker players so much trouble. Keep engaging in money laundering and giving the government a reason to despise online poker. I hope you get sent to prison because you are screwing over honest players like myself.im from canada eh .. i have no clue about your goverment and tax issues involving online poker . so to hope i get sent to prison is a tad out of line although it is criminal what i suggested but meh i could care less about tax i owe 12k that i keep getting penelized on becouse im too lazy to wake up and go pay it lol Link to post Share on other sites
Vtlaxer09 4 Posted August 18, 2008 Share Posted August 18, 2008 The real question is:Can a first year professional actually file taxes as a professional poker player? From what I've heard, I need 2 years of records of poker playing before filing as a professional.curious about this as well... as im in a sort of trial period to see whether or not I might want to pursue it/ if its profitable enough for me to do in the long term. Link to post Share on other sites
Merby 3 Posted August 18, 2008 Share Posted August 18, 2008 Congrats and good luck Acid!I have no advice, but still wanted to wish you the best.Cheers,Merby Link to post Share on other sites
20TN40 0 Posted August 19, 2008 Share Posted August 19, 2008 Congrats Acid!!! Best of luck!!!(I bet DN, JC, S7S, etc. could start you off in the right direction!) Link to post Share on other sites
bhaas 0 Posted August 19, 2008 Share Posted August 19, 2008 Are you liable for income tax? Is there a law that compels anyone to file andself assess a fraudulent tax liability?Call, or write like I did to the IRS and ask them to show you or prove to youthat your liable and send it certified return receipt.You'll never get an answer, but you'll have something to take to court if theIRS tries to act above the law and steal your money.IRS=Hitman for the Fed Reserve Bank.Fed Reserve Bank=Privately owned bank. Not owned by the USA.Hmmmmmmmm. Something is fishy here.Brad Link to post Share on other sites
NoSup4U 0 Posted August 19, 2008 Share Posted August 19, 2008 Yea, you want to be really positive before you get write off happy. Travel expenses are an area the IRS is very clear on and they have tightened up a lot. Get real CPA advise before you start writing off Lobster dinners in Boston because you played a $10 Sit-n-Go online that morning.I agree on getting CPA advice. Per mine, if I play a significant amount while traveling, the trip is a business expense. Your mileage may vary based on CPA I guess The real question is:Can a first year professional actually file taxes as a professional poker player? From what I've heard, I need 2 years of records of poker playing before filing as a professional.You can and should vile based on whatever you're doing. What would you do the first year if you didn't file as a professional gambler, just not file? The govt is happy to get your money however they can imo ;)Mark Link to post Share on other sites
TravisG 0 Posted August 19, 2008 Share Posted August 19, 2008 im from canada eh .. i have no clue about your goverment and tax issues involving online poker . so to hope i get sent to prison is a tad out of line although it is criminal what i suggested but meh i could care less about tax i owe 12k that i keep getting penelized on becouse im too lazy to wake up and go pay it lol wat?way to own yourself dude. Link to post Share on other sites
gilbertology 0 Posted August 19, 2008 Share Posted August 19, 2008 I agree on getting CPA advice. Per mine, if I play a significant amount while traveling, the trip is a business expense. Your mileage may vary based on CPA I guess :)You can and should vile based on whatever you're doing. What would you do the first year if you didn't file as a professional gambler, just not file? The govt is happy to get your money however they can imo ;)Markgl acid, make lots of money in the next year, then invest a portion of your profits so if you decide to get a real job again you can take a few months off traveling beforehand.My first year I filed as unemployed, which although you don't get any tax write-offs on, the % you are taxed is slightly less than filing as self employed(professional player). The second year I filed as a professional poker player, which has a lot of advantages like tax writeoffs, creating a roth IRA, etc., but the % of your winnings you have to give up is more. Oh man, I hate having to give the government a lot of money every three months. Next year they'll be giving me a slight refund tho because of no huge tourney score this year.edit: if you are off your company's insurance plan, you should def look into getting some kind of basic health insurance or catastrophic health insurance. I have an Aetna PPO plan where I only pay $125 a month, and I saw a doctor for my knee once and a different one for my neck the next month and had to pay $30 together for the copays and $15 for the prescriptions. Basically, the purpose of getting health insurance is in the off chance you get into a very serious accident where you are hospitalized for days and have a huge medical bill, though as an internet poker player it would seem harder to do. Link to post Share on other sites
SpeedKills 0 Posted August 19, 2008 Share Posted August 19, 2008 gl Acidnot to derail the thread, but what about the occasional player that works a full time job and maybe makes an extra 300-1k a month?Im assuming you should file under extra income, but what if you dont make withdrawls and its still in the account? Link to post Share on other sites
El Guapo 8 Posted August 19, 2008 Share Posted August 19, 2008 W/D has nothing to do with whether or not you made money.When your job pays you and it goes direct deposit, if you never touch it do you have to pay taxes still? Of course.Playing poker professionally is the same as any other self employed profession. You have your earnings, your expenses, you file taxes the same as everyone else. You are the same as a 1099 salesman.Not to be too rude, but this has been like the 3000th time this has been asked on here, I am not sure why this is so hard to grasp. Link to post Share on other sites
Snamuh 0 Posted August 19, 2008 Share Posted August 19, 2008 I agree on getting CPA advice. Per mine, if I play a significant amount while traveling, the trip is a business expense. Your mileage may vary based on CPA I guess :)You can and should vile based on whatever you're doing. What would you do the first year if you didn't file as a professional gambler, just not file? The govt is happy to get your money however they can imo ;)MarkMy friend is an accounting major and I've heard from multiple sources that someone can NOT file as a professional without 2 years of winning results. I've also heard that even with 2 years of results, the IRS can still deny you as a professional poker player. Someone please prove to me that I'm wrong so I know what to do for the current tax year.Additionally, how are you able to write off poker related expenses (computer, internet services, travel expenses) as business expenses???This has been unclear for me for many months now and I still don't know what to do. I'd really appreciate advice from other professional players (especially what they did when they first started out). Link to post Share on other sites
Dratj 0 Posted August 19, 2008 Share Posted August 19, 2008 Cool. GL. Link to post Share on other sites
Gallo 1 Posted August 19, 2008 Share Posted August 19, 2008 gl Acidnot to derail the thread, but what about the occasional player that works a full time job and maybe makes an extra 300-1k a month?Im assuming you should file under extra income, but what if you dont make withdrawls and its still in the account?Dude!! You're fucked!! Link to post Share on other sites
chgocubs99 0 Posted August 19, 2008 Share Posted August 19, 2008 GLGLGLGLGLGLGLGL, this will work out great for you. Keep us posted on how you're doing. Link to post Share on other sites
cubsfan44 0 Posted August 19, 2008 Share Posted August 19, 2008 GL Matt. Make me proud Link to post Share on other sites
Flushgarden 0 Posted August 19, 2008 Share Posted August 19, 2008 My accountant advised me to keep all the money I make from poker in a safety deposit box and not report it. I dunno if I should take his advice. lolGL Acid...not that you need it since you're such an aggromonkey you dont actually need cards to run good. lol Link to post Share on other sites
bull62 0 Posted August 19, 2008 Share Posted August 19, 2008 Are you liable for income tax? Is there a law that compels anyone to file andself assess a fraudulent tax liability?Call, or write like I did to the IRS and ask them to show you or prove to youthat your liable and send it certified return receipt.You'll never get an answer, but you'll have something to take to court if theIRS tries to act above the law and steal your money.IRS=Hitman for the Fed Reserve Bank.Fed Reserve Bank=Privately owned bank. Not owned by the USA.Hmmmmmmmm. Something is fishy here.BradAsk Wesley Snipes about this. Link to post Share on other sites
Acid Knight 0 Posted August 19, 2008 Share Posted August 19, 2008 Thanks everyone for all your help and advice today.Actually, after getting some dinner, I have had a change of heart (for right now), and I think I am going to go talk with my boss tomorrow about maybe staying on for a couple more months. Having this new house payment is obviously going to be a stress that I haven't had before, and I want to make sure I can handle it first before making the big leap.Thanks again, and I'm sure I will make another one of these in a few months. Link to post Share on other sites
bhaas 0 Posted August 19, 2008 Share Posted August 19, 2008 Ask Wesley Snipes about this.The prob I have with that conviction is, how can a jury convict someoneof a crime when one wasn't commited and no law was broken??? WTF???The IRS says the law is clear. LINK. Fucking cocksuckers. Lets see the motherfucking law.Unfuckingbelievable.Win some lose some I guess.Brad Link to post Share on other sites
mase_gotsem 0 Posted August 19, 2008 Share Posted August 19, 2008 wat?way to own yourself dude.how is that owning myself? iv owed it for 2 months since i pay quarterly its like 65 bux a month late fee zomg call the police lol Link to post Share on other sites
chgocubs99 0 Posted August 19, 2008 Share Posted August 19, 2008 Cool Acid, sure you'll be fine either way. Last thing you want to do is rush into it. Link to post Share on other sites
FCP Bob 1,321 Posted August 19, 2008 Share Posted August 19, 2008 Thanks everyone for all your help and advice today.Actually, after getting some dinner, I have had a change of heart (for right now), and I think I am going to go talk with my boss tomorrow about maybe staying on for a couple more months. Having this new house payment is obviously going to be a stress that I haven't had before, and I want to make sure I can handle it first before making the big leap.Thanks again, and I'm sure I will make another one of these in a few months. Quitter, or is it non-quitter.I'm confused. Link to post Share on other sites
king1305 0 Posted August 19, 2008 Share Posted August 19, 2008 Thanks everyone for all your help and advice today.Actually, after getting some dinner, I have had a change of heart (for right now), and I think I am going to go talk with my boss tomorrow about maybe staying on for a couple more months. Having this new house payment is obviously going to be a stress that I haven't had before, and I want to make sure I can handle it first before making the big leap.Thanks again, and I'm sure I will make another one of these in a few months. YOU JUST GOT BLUFF CHECKMINRAISED AND FOLDED Link to post Share on other sites
ahosang 0 Posted August 19, 2008 Share Posted August 19, 2008 Congrats Acid on making the correct decision to stay in the job for a while longer... Link to post Share on other sites
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