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#61
08-22-2006, 08:31 PM
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Re: paying taxes
[ QUOTE ]
ok whoever said it was stupid to post that I dont like paying all my taxes, I would like to point out I dont give my private info over the forums so no one can report me.. That's what the internet's for.. posting anonymously.. [/ QUOTE ] lol 
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#62
08-22-2006, 08:35 PM
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Re: paying taxes
[ QUOTE ]
I think I might make more than $1 million this year and I have no idea who to go to for tax help. Somebody tell me where to go! [/ QUOTE ] never used this before, but YSSCKY.
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#64
08-22-2006, 08:45 PM
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Re: paying taxes
Here is a useful link. http://www.gambling-law-us.com/Artic...mbling-tax.htm
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#65
08-22-2006, 09:13 PM
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Re: paying taxes
[ QUOTE ]
This topic has been posted about thousands of times (mostly in Internet, and I believe they asked to have them all switched to another forum - finance maybe), so if you search you can find alot of this out, but really, searching the internet and not just 2p2 is your best bet. But Uncle Sam is a btch and will rape you. I will tell you (from personal experience) that it will be ~40% of your total. You will pretty much have to file as a pro, and you can make alot of deductions (but do your researchbefore you deduct). You will get screwed with the additional ~7.5% or so for social sec. and medicare. But it was wise advice to open a SEP IRA (just invest in an S&P index fund if you don't know what else to invest in). Oh, and moving to a different country (such as KKF), you will have your first 80k tax free, but will still owe taxes on the rest. The fckin man... [/ QUOTE ] What is a SEP IRA? In a traditional and ROTH IRAs you can only invest 4k in them a year.
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#66
08-22-2006, 09:35 PM
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Re: paying taxes
[ QUOTE ]
What is a SEP IRA? In a traditional and ROTH IRAs you can only invest 4k in them a year. [/ QUOTE ] google it for detail. Basically it is a simplified empolyers pension which allows a self employed individual set up a tax deferred 401K
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#67
08-22-2006, 10:33 PM
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Re: paying taxes
is the tax process any different for big tournament scores?
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#70
08-23-2006, 12:50 AM
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Re: paying taxes
[ QUOTE ]
If you are a born a US Citizen, the only way to avoid taxation is to renounce your citizenship or die. If you do the former, you can never return to the USA. [/ QUOTE ] False.
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