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#21
11-01-2006, 12:30 AM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
[ QUOTE ]
Dude just go to the track and pick up a couple hundo k of those losing tickets people throw away to use as reciepts and say "Yeah I won a bunch playing poker but I went crazy and lost it all back on the ponies!" [/ QUOTE ] 
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#22
11-01-2006, 02:19 AM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
Everything amaranto said is spot-on correct. You are technically an independent contractor and amaranto's description of Self-Employment taxes is correct. Anyone who tells you that you'll be paying 15% off the top either doesn't know what he's talking about or assumes you're earning under $94k or so. You may pay an effective SE tax of about 15% at first, but after you hit your Social Security cap your SE taxes will go down considerably.
So at $125k in income, minus your $20k expenses, you'd probably have an effective overall SE tax rate of somewhere around 12% or so. Then you'd apply your income tax rate, basically, to the remainder (unless you have a SEP or other retirement program where you could put some money on a tax-deferred basis). Good luck - this is pretty easy stuff for an accountant (and I'm not one), but I agree that finding one that specializes in poker players would be a plus. Matt
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#23
11-01-2006, 02:20 AM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
[ QUOTE ]
Dude just go to the track and pick up a couple hundo k of those losing tickets people throw away to use as reciepts and say "Yeah I won a bunch playing poker but I went crazy and lost it all back on the ponies!" [/ QUOTE ] That my friend, is an ingenious idea!
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#24
11-01-2006, 02:32 AM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
federal income tax is not legal anyways, just dont pay and when you go to court ask them to show you the law that requires you to pay a federal income tax ... CASE CLOSED
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#25
11-02-2006, 06:37 PM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
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federal income tax is not legal anyways, just dont pay and when you go to court ask them to show you the law that requires you to pay a federal income tax ... CASE CLOSED [/ QUOTE ] And pray you get a sensible jury. There are people who have tried this and won, and others who are now in FPMITAP.
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#27
11-02-2006, 07:26 PM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
[ QUOTE ]
And pray you get a sensible jury. There are people who have tried this and won, [/ QUOTE ] Really? Must be 1 in a 100. And that was probably the criminal case. They probably still had to pay the taxes (with interest and penalties). And who says that federal income tax is illegal? I mean besides people who don't want to pay it? I think the laws are the Sixteenth Amendment to the Constitution, and Title 26 of the U.S.Code. [ QUOTE ] Amendment XVI The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration. [/ QUOTE ]
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#28
11-02-2006, 07:29 PM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
[ QUOTE ]
federal income tax is not legal anyways, just dont pay and when you go to court ask them to show you the law that requires you to pay a federal income tax ... CASE CLOSED [/ QUOTE ] -Wesley Snipes
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#29
11-03-2006, 11:20 AM
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SEP Account
You can contribute up to 25% of your income (with a cap of $44,000 in 2006) to a SEP - which is an individual retirement account. This will reduce your taxable income, but you won't be able to touch the money (without penalty) until you reach retirement age. You can make a SEP deposit into an online trading account such as TDAmeritrade and have that money working for you in stocks or money market type investments.
I believe that a SEP won't reduce your SE Tax, but it will reduce the taxable amount for income taxes. Disclaimer - I'm not an accountant, but I have stayed at a Holiday Inn express in the past.
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#30
11-05-2006, 02:00 AM
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Re: My Accountant says I owe 50% of my winnings to Uncle Sam! F\' that!
[ QUOTE ]
[ QUOTE ] federal income tax is not legal anyways, just dont pay and when you go to court ask them to show you the law that requires you to pay a federal income tax ... CASE CLOSED [/ QUOTE ] -Wesley Snipes [/ QUOTE ] just dont get mad if you try to cash out your checking acct one day and you find out the IRS levy your bank account...
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