SSNL [cheese] thread: MARCH 2007 Pt. 2 (nc)

[goofyballer]

You don't, you click session notes in PT, then check "Show my true hourly..." and it's displayed for you.

[kolotoure]

A 40 year old came on to me tonight but I did get a 15 year olds number

[BGnight]

[ QUOTE ]
also u can file as a hobby and not have to pay that extra 13 percent whatever self-employment tax. Only way u should file as a pro if u have lots of big deductions like flights/hotels/etc for big live events

[/ QUOTE ]

Yeah, I just talked to my CPA again and she said I could go that route (hobby). She said it's and "aggressive" line to take because I'm making 3-4x's any W2s I have. She basically said if I got audited they might make me pay back self employment tax. So, I'm going for it. I'm just gonna pay 17% to the feds and 8% to California. She said it was "up to me" if I didn't want to pay the SE tax. Fk the IRS and our government. I'm in a bad mood.

Thnx luckybacon for the advice.

[KLJ]

[ QUOTE ]
[ QUOTE ]
also u can file as a hobby and not have to pay that extra 13 percent whatever self-employment tax. Only way u should file as a pro if u have lots of big deductions like flights/hotels/etc for big live events

[/ QUOTE ]

Yeah, I just talked to my CPA again and she said I could go that route (hobby). She said it's and "aggressive" line to take because I'm making 3-4x's any W2s I have. She basically said if I got audited they might make me pay back self employment tax. So, I'm going for it. I'm just gonna pay 17% to the feds and 8% to California. She said it was "up to me" if I didn't want to pay the SE tax. Fk the IRS and our government. I'm in a bad mood.

Thnx luckybacon for the advice.

[/ QUOTE ]

i'm telling you now, but feign ignornce if you get caught.

filing as a professional gambler you can report your net gambling income, and be taxed on that.

otherwise, you have to report your winnings (sum of wining sessions) as income, and deduct a portion of your losses (sum of losing sessions). unfortunately, this is often something like 200k winnings, 180k losses, which turns out very, very ugly tax wise (some people owe more than they make, etc).

i just say, "dad i won $XXXXX this year" and say nothing to "but how much did you lose?". whatever, if they catch me, i didnt know better.

[pdoran10]

Lol. Won 60bb playing 3/6 minbet at CB last night.

[pdoran10]

Also lost 3 but ins in less than 100 hands at nl400. Bye bye 10% of roll. Hello nl100.

[tedtodd]

Stuck???

Step 1: Move up in limits
Step 2: Hit nut flush against AA

[BGnight]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
also u can file as a hobby and not have to pay that extra 13 percent whatever self-employment tax. Only way u should file as a pro if u have lots of big deductions like flights/hotels/etc for big live events

[/ QUOTE ]

Yeah, I just talked to my CPA again and she said I could go that route (hobby). She said it's and "aggressive" line to take because I'm making 3-4x's any W2s I have. She basically said if I got audited they might make me pay back self employment tax. So, I'm going for it. I'm just gonna pay 17% to the feds and 8% to California. She said it was "up to me" if I didn't want to pay the SE tax. Fk the IRS and our government. I'm in a bad mood.

Thnx luckybacon for the advice.

[/ QUOTE ]

i'm telling you now, but feign ignornce if you get caught.

filing as a professional gambler you can report your net gambling income, and be taxed on that.

otherwise, you have to report your winnings (sum of wining sessions) as income, and deduct a portion of your losses (sum of losing sessions). unfortunately, this is often something like 200k winnings, 180k losses, which turns out very, very ugly tax wise (some people owe more than they make, etc).

i just say, "dad i won $XXXXX this year" and say nothing to "but how much did you lose?". whatever, if they catch me, i didnt know better.

[/ QUOTE ]

Yeah, I am feigning ignorance like you said. That whole grossing winnings and deducting losses is f'in stupid. The funny part is my CPA (this is a professional tax firm she works for) has no problem w/ me netting my winnings and paying quarterly taxes on a 1040 form. So, this is what I'm gonna do till the IRS says differently. It's not like I'm "cheating" on my taxes paying ONLY 25% on my net winnings.

[wrschultz]

I either run great, or I want to kill myself. Im done for March...

Today at 200nl:

[kolotoure]

I guy came on to me tonight and I got him to buy me a drink holla