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Old 03-01-2007, 09:41 PM
I_C_ALL I_C_ALL is offline
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Join Date: Jan 2006
Posts: 182
Default Re: Forms needed for pro filing?

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The reason I'm not going to a CPA is because outside of filing as a pro, there isn't much else to do. I don't have many other deductions (I don't have any receipts for any deductions I might have, lessons learned).

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Those are the best reasons to go to a CPA. Listen, if you file as a pro, you're putting your wins and losses on a schedule C. I'm told 1040's with schedule C items are one of the most highly audited returns out there. If you're filing as a pro, you'll probably want to set up a corporation. The benefits are two fold

First, you'll present yourself as a "professional" in that you are treating this as a business with business expenses(travel, meals, education, fees, etc...)

Second, you reduce your self employment taxes as you only pay self employment tax(15.3%) on the "salary" you pay yourself, which will probably be less than to substantially less than the corporations profits depending on numerous factors including the aggressiveness of the CPA.

Find a professional who deals with the IRS, not a glorified bookkeeper who will put the values in the right box. You can do that. Make sure they have tons of experience. I think I'm my CPA's first gambler, but in my opinion, he makes up for that with his experience.(by the way, the fact my CPA doesn't specialize in gambling should encourage you to seek professional advice before relying on the above.)

If you're filing professionally, you should be doing somewhat well. Spend the money on a consultation. If its a family or friend referral, the consultation may even be free. Just remember, you get what you pay for.

Oh, and to answer your question, you have all the forms you need. We used Turbo Tax for the last few years with great results other than paying 18k in extra tax.(I have situations you probably don't)(being serious here, not sarcastic. I liked Turbo Tax over Tax Cut) I also thought my income/expense was easy enough. I was wrong.
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