Re: Never paid taxes before... how much should I expect to pay?
Yeah, basically, those that have never paid taxes on their poker winnings are the ones that exaggerate how much you'll pay. I get deductions for my internet bill, any meals I order and eat while playing, any books or dvd's (don't get these anymore, but have in the past) any new cpu stuff...etc. Even deductions on my electric bill and stuff. Just like a personal business. You do have to pay higher taxes on social security and what not...but after deductions, you'll pay about 25-28 percent depending on how you end up for the full year. And yeah, its not bad at all...fair and square and you are paying your fair share of the taxes to society.
So, yeah, get a cpa (accountant) and get this stuff going. Its not nearly as painful as all these others make out (again, odds are, they aren't paying their taxes and have no idea-I'm referring to no one in this particular thread btw).
Kodfish
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