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Embarrassingly stupid tax question.
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DLC11
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12-12-2006, 09:00 AM
Post subject: Embarrassingly stupid tax question.
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#1 (permalink)
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Join Date: Sep 2005
Location: Indiana
Posts: 71
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Okay, I need this explained to me like I am a two year old.
Let's say I make $50,000 this year as a professional online poker player. If I file as a pro, how much will I have to pay on taxes?
Also, when do I have to report my taxes? If I have never filed my poker winnings before, is it okay to wait until April 15th, even if from now until then I am making $500-$1,000 transactions from neteller to my bank account?
Any info on this would be greatly appreciated. I just want to do the right thing, but this whole situation confuses the hell out of me, and I am worried I am going to do something wrong not even meaning to.
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Think big, or suck.
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bode
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Straight Flush
Join Date: May 2006
Location: slow motion
Posts: 4,270
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if, in fact, you are dealing with that kid of money, you should talk to an accountant.
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Quote:
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eeevees are not monies yet...they are like baby monies.
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DLC11
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Join Date: Sep 2005
Location: Indiana
Posts: 71
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Well, right now I am only sitting at $10,000. I was just using that # as a hypotheitcal at what I would make over the course of the year.
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Think big, or suck.
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