Best method for paying poker Taxes?

B

BigRivers

Rock Star
Silver Level
Joined
Feb 1, 2018
Total posts
150
Chips
0
In the past I have bought Turbo Tax and it has been pretty easy. But this is my first year filing as a pro poker player, any advice on how to file US taxes quick and relatively cheap?
 
S

Stacker

Rock Star
Silver Level
Joined
Sep 3, 2017
Total posts
414
Chips
0
BigRivers said:
In the past I have bought Turbo Tax and it has been pretty easy. But this is my first year filing as a pro poker player, any advice on how to file US taxes quick and relatively cheap?
Click to expand...



Go to a tax person. At least the first year or two
 
G

gabethegimp

Rock Star
Silver Level
Joined
Mar 28, 2018
Total posts
111
Chips
0
Keep a spreadsheet of your daily earnings. You can often double dip taxation on poker winnings so talk to a taxation consultant about it.
 
H

Haemophile

Rock Star
Silver Level
Joined
Feb 26, 2016
Total posts
192
Awards
1
Chips
0
move to the uk its all done by the site over here. just a b**** to get to wsop though lol.
 
terryk

terryk

TheCanuckwithalltheluck
Bronze Level
Joined
Dec 14, 2016
Total posts
7,053
Awards
10
Chips
1
Taxes? What are these taxes you speak of? :hmmmm: JK :girl:
 
T

Thenightrain

Rock Star
Silver Level
Joined
Jun 3, 2017
Total posts
313
Chips
0
Move to the UK and pay zero poker tax
 
Shady Slim

Shady Slim

Legend
Silver Level
Joined
Mar 31, 2018
Total posts
1,391
Awards
1
Chips
1
BigRivers said:
In the past I have bought Turbo Tax and it has been pretty easy. But this is my first year filing as a pro poker player, any advice on how to file US taxes quick and relatively cheap?
Click to expand...

gabethegimp said:
Keep a spreadsheet of your daily earnings. You can often double dip taxation on poker winnings so talk to a taxation consultant about it.
Click to expand...


Agreed, talk to a CPA or do a casual walk-in to H&R and ask some questions. I am kind of lucky, in that, I know three people who are CPAs. Just haven't seen them for a while.

As for the "double dip" remark. If you know any waitresses who hide their tip money, you can get some real hard-earned information from them. My mother (may she RIP) was veteran waitress and I know she knew how to work the system!:angel:
 
P

pokijh

Rock Star
Silver Level
Joined
Feb 21, 2017
Total posts
196
Chips
0
My best advice is to not pay taxes at all ;)
 
P

PKRNRS

Visionary
Silver Level
Joined
Aug 5, 2016
Total posts
718
Chips
0
You only pay what you claim. I claim neither wins or loss. Unless I have too
 
S

SeriousBizzness

Rock Star
Silver Level
Joined
Mar 26, 2018
Total posts
136
Chips
0
taxes???

i honestly never knew that you had to claim poker on your taxes.

how much do you have to win here in the U.S. before you have to claim them?
 
monstr999999

monstr999999

Visionary
Silver Level
Joined
Nov 7, 2016
Total posts
555
Chips
0
You have to pay taxes ...
Take advice from a tax advisor .. there are always different options ..
You also have ways to pay taxes according to the law ...
:nurse:
 
G

gabethegimp

Rock Star
Silver Level
Joined
Mar 28, 2018
Total posts
111
Chips
0
SeriousBizzness said:
i honestly never knew that you had to claim poker on your taxes.

how much do you have to win here in the U.S. before you have to claim them?
Click to expand...
As soon as you earn money you have to provide that source of income to the IRS. Even if it's only 20 dollars. Every dollar you earn has to be accounted for otherwise your evading taxation - which is a federal crime.

I'm not saying they'd charge you over 20 bucks, but if it's a few grand on top of your salary from your job or something like that, it's likely taxable.
 
B

BigRivers

Rock Star
Silver Level
Joined
Feb 1, 2018
Total posts
150
Chips
0
I went to H&R Block, thanks everyone!
 
S

SeriousBizzness

Rock Star
Silver Level
Joined
Mar 26, 2018
Total posts
136
Chips
0
gabethegimp said:
As soon as you earn money you have to provide that source of income to the IRS. Even if it's only 20 dollars. Every dollar you earn has to be accounted for otherwise your evading taxation - which is a federal crime.

I'm not saying they'd charge you over 20 bucks, but if it's a few grand on top of your salary from your job or something like that, it's likely taxable.
Click to expand...
So how would they know if or what I won?
 
G

gabethegimp

Rock Star
Silver Level
Joined
Mar 28, 2018
Total posts
111
Chips
0
SeriousBizzness said:
So how would they know if or what I won?
Click to expand...
Because it's lodged with the cardrooms company when they do their taxes - this is also how most people get done for wellfare fraud and alike. They work while getting x government assistance, then the company they work for files their taxes, your name/email/address/creditcard are filed and a few days later some IRS person gets your name on their desk going "why aren't we getting money from x person, says here they should be giving us x". Then you get a knock on your door.

So yeah. Don't try and avoid your taxes. Anybody that pays you money has to do taxes too, and as a company, they will 100% file. You'll only end up hurting yourself.
 
S

SeriousBizzness

Rock Star
Silver Level
Joined
Mar 26, 2018
Total posts
136
Chips
0
gabethegimp said:
Because it's lodged with the cardrooms company when they do their taxes - this is also how most people get done for wellfare fraud and alike. They work while getting x government assistance, then the company they work for files their taxes, your name/email/address/creditcard are filed and a few days later some IRS person gets your name on their desk going "why aren't we getting money from x person, says here they should be giving us x". Then you get a knock on your door.

So yeah. Don't try and avoid your taxes. Anybody that pays you money has to do taxes too, and as a company, they will 100% file. You'll only end up hurting yourself.
Click to expand...
Thanks for the information. I swear I didn’t know that
 
trippin

trippin

Rock Star
Silver Level
Joined
Aug 3, 2016
Total posts
312
Chips
0
I live in a barn the IRS can't find me.
 
onondaga

onondaga

Ukraine
Bronze Level
Joined
Apr 21, 2015
Total posts
3,146
Awards
14
UA
Chips
0
be like greeks :D register on every possible high stakes game and pay taxes from what you have on your account!
 

Attachments

  • gr01.jpg
    gr01.jpg
    40.3 KB · Views: 11
  • gr02.jpg
    gr02.jpg
    41.3 KB · Views: 12
  • gr03.jpg
    gr03.jpg
    26.2 KB · Views: 11
  • gr04.jpg
    gr04.jpg
    17.6 KB · Views: 11
  • gr05.jpg
    gr05.jpg
    27.8 KB · Views: 11
Top