Acid_Knight 2 Posted August 18, 2008 Share Posted August 18, 2008 Yeah, the time has come.I've been a structural engineer for the last 2+ years after going to school for 5 years to get the job in the first place and I'm gonna be giving my 2 week's notice at my job on Wednesday so that I can play cards for a living. I'd always said that I loved my job and that I didn't want to play for a living because I didn't want poker to cease to be fun, but after playing a rather consistent volume for the last 6 months and out earning what I would expect to make in a year at my job, it just doesn't make sense for me to be doing both anymore. I doubt that I'll play a ton more than I've been playing (I've been averaging about 18k hands a month and I'd probably play 25-30 now) but it'll enable me to read more forums and watch more videos and read more books and do the other poker related work that I haven't had the time to currently do.So, this post is 1 part "I am quitting my job to play cards, suckers!" The other half is that I'm looking to know what people (who pay US taxes) do regarding their poker winnings. Do you have an accountant? Do you only claim what you withdraw? Can you write off losing months? Can you recommend a good accountant for this kind of stuff if you have one?Basically, I'm looking to get set up with the best situation for myself tax wise, be it starting a quasi productive business that I can expense things to or whatever, but I just want to get things right because it's probably never worth the trouble from the IRS.If you're not comfortable posting things here, just PM me because it'd be greatly appreciated. Link to post Share on other sites
Acid_Knight 2 Posted August 18, 2008 Author Share Posted August 18, 2008 And fwiw, I already know how badly I'm about to start running, so you can save your breath reminding me of that Link to post Share on other sites
Vtlaxer09 4 Posted August 18, 2008 Share Posted August 18, 2008 TP/MM etc. Link to post Share on other sites
PMJackson21 0 Posted August 18, 2008 Share Posted August 18, 2008 The other half is that I'm looking to know what people (who pay US taxes) do regarding their poker winnings. Do you have an accountant? Do you only claim what you withdraw? Can you write off losing months? Can you recommend a good accountant for this kind of stuff if you have one?Read this as a primer: http://www.pocketfives.com/Tax-QAPlan on getting a good accountant, keeping accurate records of everything, and it would probably be a good idea to file quarterly instead of yearly. Link to post Share on other sites
CBass1724 1 Posted August 18, 2008 Share Posted August 18, 2008 GL buddy! Link to post Share on other sites
Naismith 0 Posted August 18, 2008 Share Posted August 18, 2008 Man, this is so cool to see you work your way up to playing 400NL regularly.It seems like just yesterday when you started posting in the strat section, regularly grinding away at the micro 10-20NL game. Link to post Share on other sites
Fade2241 0 Posted August 18, 2008 Share Posted August 18, 2008 Best of Luck, man. I've always liked reading your posts in strat and I think you'll do great. As long as you have 6mo-1yr living expenses in the bank I think you're going to be fine. Just focus on making the right plays, etc. Don't ever think "man I need this pot for rent, blah blah blah" But, you probably know this already And Jobs will always be there if you decide it won't work and you want to change your mind. Link to post Share on other sites
SlapStick 0 Posted August 18, 2008 Share Posted August 18, 2008 Congrats and Good luck. Link to post Share on other sites
rinswun 6 Posted August 18, 2008 Share Posted August 18, 2008 win pls. good luck man. Link to post Share on other sites
king1305 0 Posted August 18, 2008 Share Posted August 18, 2008 gl hf teach me Link to post Share on other sites
Giggidy 0 Posted August 18, 2008 Share Posted August 18, 2008 Gl man, hope it works for yaD'you reckon you'll get bored of not doing much? Link to post Share on other sites
bull62 0 Posted August 18, 2008 Share Posted August 18, 2008 [x] jealousGLGL!!!! Link to post Share on other sites
donk4life 34 Posted August 18, 2008 Share Posted August 18, 2008 GL don't beat your significant other when you're running bad. Link to post Share on other sites
whatgreatis 0 Posted August 18, 2008 Share Posted August 18, 2008 Obligitory post when you go broke.GLLLLLLL Link to post Share on other sites
RDog 0 Posted August 18, 2008 Share Posted August 18, 2008 Read this as a primer: http://www.pocketfives.com/Tax-QAPlan on getting a good accountant, keeping accurate records of everything, and it would probably be a good idea to file quarterly instead of yearly.If you don't do this you have to pay penalties.But yeah, get an accountant. I think my biggest mistake I have made since I quit my job about a year ago is trying to figure all that stuff out myself with a little help from a semi-accountant friend. I haven't yet but I definitely need to find someone myself. Link to post Share on other sites
Poker Addict 0 Posted August 18, 2008 Share Posted August 18, 2008 GLGL! I really hope it works out for you. Seeing successes on here is definitely inspirational. Link to post Share on other sites
I_fold08 1 Posted August 18, 2008 Share Posted August 18, 2008 just here to say best of luck to you, hope everything turns out fine in the end Link to post Share on other sites
RDog 0 Posted August 18, 2008 Share Posted August 18, 2008 Also, if you don't have another "hobby", find one. One thing you will miss is social interaction. Oh, and keep receipts. Will make more sense after you talk to an accountant . Link to post Share on other sites
king1305 0 Posted August 18, 2008 Share Posted August 18, 2008 Also, if you don't have another "hobby", find one. One thing you will miss is social interaction.You mean, like, talking to people face-to-face and leaving the house?!?!?!?He doesn't need that though he has skype! Link to post Share on other sites
Balloon guy 158 Posted August 18, 2008 Share Posted August 18, 2008 Read this as a primer: http://www.pocketfives.com/Tax-QAPlan on getting a good accountant, keeping accurate records of everything, and it would probably be a good idea to file quarterly instead of yearly.That's really key, even if you screw everything else up, with good records you can fix it.Also buy lots of cool computer stuff because you get to write it off, which is like getting a 50% discount on everything you can write off. ( If you make over $150K a year and live in California ) Link to post Share on other sites
cardcore 0 Posted August 18, 2008 Share Posted August 18, 2008 GOOOOOD LUCK Link to post Share on other sites
RDog 0 Posted August 18, 2008 Share Posted August 18, 2008 He doesn't need that though he has skype!Yeah, but I am talking about social interaction with adults. Link to post Share on other sites
mtdesmoines 2 Posted August 18, 2008 Share Posted August 18, 2008 I'm gonna be giving my 2 week's notice at my job on Wednesdayso much for coming to vegas, staying at your house, and "getting comfortable" while you're at work Link to post Share on other sites
CBass1724 1 Posted August 18, 2008 Share Posted August 18, 2008 so much for coming to vegas, staying at your house, and "getting comfortable" while you're at workJust go into his bathroom to rub one out instead of sitting on the couch. Link to post Share on other sites
mase_gotsem 0 Posted August 18, 2008 Share Posted August 18, 2008 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 Link to post Share on other sites
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now