Re: Live tourneys not worth it anymore because of tax and juice?
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These posts re: taxes really piss me off. You should be paying taxes anyways, and if you are this doesn't really effect you.(Unless you're being backed which could cause some inconveniences)All of these posts just scream "I don't pay my taxes but now I kind of have to pay a little wahhhhh" Just because we have a profession that is relatively new and hazy in the tax law doesn't mean you don't have to pay taxes on your earned income.
And FWIW I am extremely anti government and also dislike the current government but that doesn't mean you should be able to enjoy the benefits of living here for free while passing the tax burden onto others.
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There was another thread on this, 25% withholding can have a potentially huge effect on your cashflow during the year unless your live tournament ROI is enormous, even if it doesn't affect your ultimate tax liability. This matters a lot to people who rely on poker to pay their bills. Accordingly, I don't think discussing the implications of this recently promulgated Revenue Procedure implies in any way that someone does not pay their taxes.
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I don't get this. So you're saying that some people can't afford to have the 25% taken out of their winnings at the time of the tournament but are going to miraculously come up with a huge check at the end of the year to pay their taxes?
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