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#251
11-19-2007, 06:28 PM
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Re: Best MSNL Coaches
Sweet, thanks guys.
I think this will help me a lot next year if I decide to get coaching. And, of course, I don't want to have to give the government an extra cent if I don't have to. 
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#252
11-19-2007, 06:37 PM
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Re: Best MSNL Coaches
I'm just reiterating what my CPA (a 2+2er) told me. Wiki says 1099s are used "to report amounts paid to independent contractors," which is exactly what coaches are. Everyone should just be aware that if you list "coaching" as an expense without 1099 forms, it may raise some red flags. It may not, but I heard it's not fun to get audited so I personally try to do everything the right way.
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#254
11-20-2007, 02:52 AM
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Re: Best MSNL Coaches
I purchased a couple sessions from people with just meh experiences (this list does NOT include MDMA - actually, they weren't even through 3-bet.net). I've received some coaching from WiltOnTilt, and he is simply awesome. In addition to providing great poker analysis, he's just an all around friendly guy who has a strong and genuine desire to help his students improve.
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#256
11-22-2007, 12:06 AM
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Re: Best MSNL Coaches
[ QUOTE ]
[ QUOTE ] Metetron said he coaches by having the student record a 1 hour vid and he watches and re-records with his own thoughts input into the vid. Love the concept, was wondering if anyone else did this? [/ QUOTE ] I got the idea from The_Bryce. He is a limit player though. [/ QUOTE ] this is how stox coached me. its def the best if the student is even slightly beyond the basic level. since i was one of stoxs first students and bryce is affiliated with stox now, i will take full credit for this method.
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#258
11-22-2007, 12:14 AM
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Re: Best MSNL Coaches
[ QUOTE ]
[ QUOTE ] My CPA told me that I would need to give my coaches a 1099 tax form if I wanted to write my coaching expenses off*. Otherwise I cannot. *Downside of this is that the coach would have to pay taxes on the coaching fees. [/ QUOTE ] coaches have to pay taxes on money earned from coaching, and yes, you can write off any expense related to poker coaching if you are filing as a pro, just like you can write off your cardrunners membership. also, i'm 95% sure that you're in no way responsible for giving your coach a 1099 form. they handle their own reporting of their coaching and you just note to your accountant your coaching fees as part of your expenses. [/ QUOTE ] You technically should give your coach a 1099 if you pay him more than $600 during the calendar year. However, if you don't, it doesn't make it non-deductible. If you have a CPA prepare your taxes, they will almost certainly ask about 1099'ing your coach when you give the coaching expenses.
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#259
11-22-2007, 12:34 AM
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Re: Best MSNL Coaches
[ QUOTE ]
Vic, You were coached by Stox.... Whats your excuse? :P [/ QUOTE ] actually i blame everything on him. he told me to move up. i cant imagine how much money i would have if i just stayed at 1020lhe. jk obv.
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#260
11-22-2007, 01:41 AM
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Re: Best MSNL Coaches
[ QUOTE ]
[ QUOTE ] [ QUOTE ] My CPA told me that I would need to give my coaches a 1099 tax form if I wanted to write my coaching expenses off*. Otherwise I cannot. *Downside of this is that the coach would have to pay taxes on the coaching fees. [/ QUOTE ] coaches have to pay taxes on money earned from coaching, and yes, you can write off any expense related to poker coaching if you are filing as a pro, just like you can write off your cardrunners membership. also, i'm 95% sure that you're in no way responsible for giving your coach a 1099 form. they handle their own reporting of their coaching and you just note to your accountant your coaching fees as part of your expenses. [/ QUOTE ] You technically should give your coach a 1099 if you pay him more than $600 during the calendar year. However, if you don't, it doesn't make it non-deductible. If you have a CPA prepare your taxes, they will almost certainly ask about 1099'ing your coach when you give the coaching expenses. [/ QUOTE ] my cpa didn't seem to think this was a big deal. also i got the emails from the player to player transfers so that could help. WoT
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