Re: Never paid taxes before... how much should I expect to pay?
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Is there anything I should do to help lessen the damage of tax day (other than not spending anything)? I will be paying this all in a lump sum on April 15, correct? Do I just need to accept that my roll will be cut in half once per year?
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You likely should be paying quarterly estimated taxes. The way to lessen this is to plan ahead. This is done for people with regular jobs via payroll deduction. You simply have to do your own payroll deduction. If you made a gross salary of $100K at a "real job", would you spend $100K and then wonder where to get the ~$40K for taxes on 4/15? As you'd only see your net pay, you'd likely based your spending and savings on that net amount. If you treat your poker income the same way, you should be fine.
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