Re: Never paid taxes before... how much should I expect to pay?
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Most significant poker expenses are incurred by live players who travel -- airfare, hotels, meals, etc. If you're only playing on the net, you won't have anything of any significance.
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This is worded confusingly. "Significant" is relative. You can, as an internet poker player, deduct a portion of your utilities because your home is your office.
I was self employed outside of poker before switching to poker, and my CPA suggested that particular deduction prior to my switch. I can't see why it would be different, but it's possible.
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Unless they've changed the rules, the deduction for a home office and the associated costs is pretty small.
You take your office size and divide by the entire living area to get a precentage of the home devoted to your "office". Then you have to figure what precentage of the "office's" use was for income production.
You'll end up with a number of less than 15%.
D$D
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