Professional Poker

[Yoshi]

I hope this is the right forum for this post.

I was curious to know what are the proper steps to take if you play poker as a profession as far as W2's and that sort of stuff. I have been doing it for a while but have never looked into this. It is starting to make things hard on me because I am "legally" unemployed. What do I need to do to become "legally" self employed?

[Skallagrim]

This is a good sign of how America is moving in the wrong direction: "What do I need to become legally self-employed?"

Like you should need government approval to be self -employed...sheesh no wonder the US becomes less free each year.

To answer your question directly: make sure you make money without a boss (and not in an illegal enterprise like drug dealing). You are then legally self employed.

Your real question only has to do with taxes. Keep detailed records of your playing sessions and expenses and then see an accountant before next April 15 (Oh and save about a third of your winnings for Uncle Sam).

Skallagrim

[MiltonFriedman]

(Oh and save about a third of your winnings for Uncle Sam).

... SEP ?
.... estimated taxes ?

[Skallagrim]

I told him to see an accountant Milton.

And keeping about a third of the winnings available should easily cover SEP and the interest charge for not paying estimated taxes. That is, unless the guy is a REALLY BIG winner, in which case he is REALLY DUMB to rely on an internet board (even at 2+2) for tax advice.

[MiltonFriedman]

lol