Taxes and Online Poker

[Scavengerfolk]

If I were to supplement my regular income by winning $1000 a week playing online poker, how much should I set aside to pay taxes in April?

[pokerduker]

That depends on how much your regular income is. Do you know what tax bracket you are in? If you want to be safe, set aside 35% ($350 a week) plus whatever your state tax rate is. This will cover the highest bracket. Here are the brackets:

http://www.enterprisefunds.com/education/tax/brackets.asp

If you want some great advice on doing your taxes check out www.pokerdeductions.com. (http://www.pokerdeductions.com.) They have a book for sale that is well worth the small price if you make money playing poker.