T P / M M

[Balloon guy 158]

Dude if most of your play is gonna be online dont pay taxes find some one in vegas that will swap online for cash for a small % or even free. only claim your live play winnings as income. imo good luck with it and have fun

Yea cause in a couple years they will have internet in prison so you can totally commit to like 18 hours a day and really bring up your win rate

[silkyjonson 1]

Hope you really do MM gl man!

[mase_gotsem 0]

Yea cause in a couple years they will have internet in prison so you can totally commit to like 18 hours a day and really bring up your win rate

heh i new i was gna start contraversy with that post lol but why pay taxes on something your goverment doesnt keep track of or legalize ?

[RDog 0]

heh i new i was gna start contraversy with that post lol but why pay taxes on something your goverment doesnt keep track of or legalize ?

Cause its always the tax man that puts it in your ass. If there is one thing this country doesn't joke about it is getting its tax money.

[dt1313 0]

Cause its always the tax man that puts it in your ass. If there is one thing this country doesn't joke about it is getting its tax money.

Si Senor. Ask Capone ?Acid, Good Luck. I'll be pulling for you. btw, Thanks for all the strat posts. Hopefully now you'll have even more time to post in there.Dan

[wwmoon85 0]

GL man, hope it works out for ya. I love poker but if I played it full time I probably would end up hating it. I tilt easy and have bad bankroll management.

[rcgs59 15]

gl , and if you need another job you can always teach us losers how to play lol

[Vtlaxer09 4]

Dude if most of your play is gonna be online dont pay taxes find some one in vegas that will swap online for cash for a small % or even free. only claim your live play winnings as income. imo good luck with it and have fun

It'd be alot easier to do it the other way around imo. Just keep the cash in a deposit box in a casino etc.

[Gallo 1]

Good luck!!Oh and as others have said, keep receipts of everything. You'd be surprised at the stuff you can write off, I'm pretty sure others know more about this than I do.Like if you have dinner with Mark, WRITE-OFF.

[NoSup4U 0]

And fwiw, I already know how badly I'm about to start running, so you can save your breath reminding me of that

QFT monkey brain.Important stuff: - Schedule a session anywhere you travel on vacation so you can write off your expenses. Save all your receipts including travel, car rental, hotel, food, etc which you incur because of your trip- I keep a spreadsheet for my live winnings where I basically declare enough of my live winnings to jive with my declared travel deductions, and give that plus my complete poker tracker summary sheet for the year to my accountant.- You'll need to find some decent health insurance. I think I used blue cross/blue shield before I moved under Shannon's recently.- Save receipts for all the improvements you do to your new house- You'll need to pay quarterly as everyone has already said. If you forget or don't, the penalties aren't horrible just fyi. Few hundo or something probably.- I know I've told you this before, but you REALLY need to sock away (and already should have) about 6 months of living expenses that are outside your working poker roll so when you have downswings (I know you don't have them but thats besides the point) you can play without any stress from having to make money to pay the bills.Kudos and congrats!Mark

[timwakefield 69]

Come to Florida.Or wait, no, I meant we're all coming to Vegas.

[MadKennedy420 0]

GL man, hope it works out for ya. I love poker but if I played it full time I probably would end up hating it. I tilt easy and have bad bankroll management.

great SIG!

[Acid_Knight 2]

Ok:1. I knew about quarterlies to avoid paying 5 figure tax bills2. I currently have 5 months of expenses in the bank and my poker roll could easily have the 6th month taken off without making me remotely concerned about having a proper bankroll 3. When I travel, if I'm writing things off, doesn't that kind of imply that I have a business set up or something like that?4. Thanks for all of the advice and well wishing (and PWYGB, etc)So, who can recommend a good accountant? Other suggestions?Edit: And I get paid Thursday, have $800 coming back from Escrow money and if my last day is the 29th, I'll have another 2 weeks pay, so 6 months in the bank - CHECK!

[Balloon guy 158]

QFT monkey brain.Important stuff: - Schedule a session anywhere you travel on vacation so you can write off your expenses. Save all your receipts including travel, car rental, hotel, food, etc which you incur because of your trip- I keep a spreadsheet for my live winnings where I basically declare enough of my live winnings to jive with my declared travel deductions, and give that plus my complete poker tracker summary sheet for the year to my accountant.- You'll need to find some decent health insurance. I think I used blue cross/blue shield before I moved under Shannon's recently.- Save receipts for all the improvements you do to your new house- You'll need to pay quarterly as everyone has already said. If you forget or don't, the penalties aren't horrible just fyi. Few hundo or something probably.- I know I've told you this before, but you REALLY need to sock away (and already should have) about 6 months of living expenses that are outside your working poker roll so when you have downswings (I know you don't have them but thats besides the point) you can play without any stress from having to make money to pay the bills.Kudos and congrats!Mark

If you're a single young man I would skip this, personally.If you're a father, or have so so health, then get a Health Savings Account.In a nutshell, you get a catastrophic care only type policy, with like a $5,000 deductible. So it's >$100 a monthThen you deposit the maximum each year into a seperate Health Savings Account, which is just a checking account with a bank that does this.Any and all medical expenses, from seeing the doctor, to buying asprin, you use the checking account to pay, and all the money you put in is tax free. Any money at the end of the year stays in there, and you max it out the next year. All this money is tax free and you can withdrawl any money in there when you retire without any tax implications. If you are going to have health care as a self employed person, this is the best way to do it by far.

[cardcore 0]

So, who can recommend a good accountant? Other suggestions?

I use a guy on Long Island who is incredible. He's moderately priced and does an amaaaazing job.

[Balloon guy 158]

Ok:1. I knew about quarterlies to avoid paying 5 figure tax bills2. I currently have 5 months of expenses in the bank and my poker roll could easily have the 6th month taken off without making me remotely concerned about having a proper bankroll3. When I travel, if I'm writing things off, doesn't that kind of imply that I have a business set up or something like that?4. Thanks for all of the advice and well wishing (and PWYGB, etc)So, who can recommend a good accountant? Other suggestions?

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.

[Acid_Knight 2]

If you're a single young man I would skip this, personally.If you're a father, or have so so health, then get a Health Savings Account.In a nutshell, you get a catastrophic care only type policy, with like a $5,000 deductible. So it's >$100 a monthThen you deposit the maximum each year into a seperate Health Savings Account, which is just a checking account with a bank that does this.Any and all medical expenses, from seeing the doctor, to buying asprin, you use the checking account to pay, and all the money you put in is tax free. Any money at the end of the year stays in there, and you max it out the next year. All this money is tax free and you can withdrawl any money in there when you retire without any tax implications. If you are going to have health care as a self employed person, this is the best way to do it by far.

Sounds like excellent advice! I'm also assuming that should be <$100 a month, no?

[Acid_Knight 2]

Get real CPA advise before you start writing off Lobster dinners in Boston because you played a $10 Sit-n-Go online that morning.

DAMNIT!Plan B then I guess....

[Balloon guy 158]

Sounds like excellent advice! I'm also assuming that should be <$100 a month, no?

My advise is generally -EV, but on taxes I have a lot of horror stories,Might as well learn from my mistakes

[Balloon guy 158]

DAMNIT!Plan B then I guess....

Shrimp salad at Boston Market?

[Snamuh 0]

Dude if most of your play is gonna be online dont pay taxes find some one in vegas that will swap online for cash for a small % or even free. only claim your live play winnings as income. imo good luck with it and have fun

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.

[Snamuh 0]

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.

[I_fold08 1]

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.

the government will never accept online poker, they will accept soccer and hockey before that happens

[Balloon guy 158]

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.

Can you file a DBA in the local paper, which 'creates' a business that receives all rights to write offs etc.?

[Balloon guy 158]

the government will never accept online poker, they will accept soccer and hockey before that happens

NEVER