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#1
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note: I live in the United States
I remember reading an interview with Patrick Antonius. He was asked about a high tax rate is some European country like Norway or Sweden or something in regards to a tournament. I guess the winner would have to pay something like 70% of there winnings in taxes in that country. He said that all of his winnings go to his corporation. I imagine there would be great tax benefits if you could set up yourself as a poker playing corporation so to speak. (Or so I gather from reading the book 'rich dad, poor dad'). There would be no 15.3% self employment tax to begin with. Other taxes for corporations tend to be lower than those on income. Can anyone shed light on this as a possibility? |
#2
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It depends what kind of corporation. In the US a C-corp pays twice as much tax than an S-corp. But a C-corp has other benefits. And a non US resident cannot own shares in an S-corporation, in the US. So someone from Sweden could only open a C-corporation in the US, unless he/she had dual citizenship (meaning, US citizenship) or at least be a lawful permanent resident of the US (meaning, have a Green Card).
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#3
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...follow up...
But corporations have other taxes to pay, depending what city or state the are incorporated in. That is also something to take into consideration. |
#4
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And you still have to pay self-employment taxes as an employee-owner for any salary paid to yourself.
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#5
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I've discussed setting up an S-corp with my accountant...talk to one, it has its plus and minuses...I'm not a CPA so I won't go into my 2 cents. But it's worth looking into.
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#6
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[ QUOTE ]
I've discussed setting up an S-corp with my accountant...talk to one, it has its plus and minuses...I'm not a CPA so I won't go into my 2 cents. But it's worth looking into. [/ QUOTE ] I have considered this or an LLC, but I can't claim to know much about it at this point. If I learn more about it, I will post the info I gather. |
#7
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[ QUOTE ]
[ QUOTE ] I've discussed setting up an S-corp with my accountant...talk to one, it has its plus and minuses...I'm not a CPA so I won't go into my 2 cents. But it's worth looking into. [/ QUOTE ] I have considered this or an LLC, but I can't claim to know much about it at this point. If I learn more about it, I will post the info I gather. [/ QUOTE ] feel free to pm me the more you find out...maybe we could make an official "staring a poker corp" thread or something |
#8
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An LLC elected to be taxed as an S-Corp would be really advantageous.
If it was legal for poker. (It might not be. Ask a lawyer.) |
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