Revisiting the tax topic: some new questions

[1p0kerboy]

Recently I began my career as a professional poker player. I have some tax questions that I could really use some help with. I have read some of the previous tax threads linked in the FAQ.

1. If filing as a professional gambler, do I have to pay quarterly taxes?
It is my understanding that the answer to this question is yes. Can anybody confirm?

2. Should I seek help doing my taxes?
Do any of you all do your taxes by yourself? I've always done mine but am not sure how difficult they are going to become with filing quarterly and all. Also, if I seek help, what is the cost normally associated with this?

3. Are there any books or other resources on filing as a professional gambler?
I currently own and have read most of The Gambler's Guide to Taxes by Walter L. Lewis. Unfortunately, I don't think much of this book covers filing as a professional gambler.

Thanks for any help.

[Zele]

1. Yes.

2. TaxCut works fine for me (it helps you figure out your quarterlies and prints out the vouchers too). If you have sticky issues and need professional help, get a real CPA and not H&R Block. Where I live, the cost is $300-ish.

3. Lewis is the best one I know of.

[poorolrich]

I would suggest you hire a CPA, at least for the first filing of taxes.

[1p0kerboy]

Thank you for the responses in this thread.

I have an appointment set up for Thursday, January 25th with a CPA.