|
Im_new
|
03-09-2010, 02:54 AM
Post subject: "Get a Good Accountant"
|
#1 (permalink)
|
|
Full House
Join Date: Sep 2007
Posts: 1,055
|
|
I seem to be running into this everywhere. Everyone says that semi-pro/pro poker players ABSOLUTELY need a good accountant who will find all of those tax breaks and whatnot.
Who does your accountant work for and how much are you being charged?
I'm looking for ballpark figures so i don't get scammed or anything.
thanks
|
|
|
Play for FREE and practice your game at...
Join the FTR Poker Forum to disable these banners and start posting!
|
|
Im_new
|
|
Full House
Join Date: Sep 2007
Posts: 1,055
|
|
Does everyone in the USA just go to H&R block?
|
|
|
|
aka_red
|
|
Moderator
Join Date: Nov 2004
Location: house
Posts: 903
|
|
im pretty sure that is the worst thing you can do for your taxes
|
|
[11:11] <+bikes> bitches love your face
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
I used an independent family accountant and was charged $180 total, for about 4-5 hours of work. I think his going rate is usually around $80/hr. However, I think since he saw me as a young guy who gambles and now owes the government $10,000+, he gave me a discount out of pity.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
jyms
|
|
Tilting Mod
Join Date: Feb 2006
Posts: 4,836
|
|
It may be a lot different up here though Drew. We have it good.
|
|
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Good point jyms. OP - I live in Canada BTW.
You may get a bunch of good information from the following: Internet Poker - Online Poker Forum
post a thread thread there and ask question.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
Galapogos
|
|
4-of-a-Kind
Join Date: Jun 2005
Location: The Loser's Lounge
Posts: 2,322
|
|
Quote:
Originally Posted by BankItDrew
I used an independent family accountant and was charged $180 total, for about 4-5 hours of work. I think his going rate is usually around $80/hr. However, I think since he saw me as a young guy who gambles and now owes the government $10,000+, he gave me a discount out of pity.
|
You seriously owe 10k? That's sick.
|
Quote:
|
Originally Posted by sauce123
I don't get why you insist on stacking off with like jack high all the time.
|
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Quote:
Originally Posted by Galapogos
You seriously owe 10k? That's sick.
|
Not anymore, this was September 2009 for the year of 2008. It's not like I made a lot of money... I just happened to pay it all at once.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
Lucothefish
|
|
Full House
Join Date: Mar 2009
Location: Cretaceous Park
Posts: 702
|
|
Move to the UK and don't pay tax on gambling winnings. EZ game 
|
|
<@d0zer> how will you learn if I don't berate you harshly?
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
^^^^^
I was considering Malta.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
BennyLaRue
|
|
Full House
Join Date: Sep 2007
Posts: 646
|
|
Quote:
Originally Posted by Galapogos
You seriously owe 10k? That's sick.
|
Dude, it's CANADA. Drew got off cheap.
|
|
|
|
BennyLaRue
|
|
Full House
Join Date: Sep 2007
Posts: 646
|
|
Quote:
Originally Posted by Im_new
Does everyone in the USA just go to H&R block?
|
Also, lolage.
|
|
|
|
Monty3038
|
|
Full House
Join Date: Jan 2008
Location: Ohio
Posts: 788
|
|
When I used to play slots fairly heavily I kept track of wins and losses in a spreadsheet including parking receipts, etc. for backup that I was where I said I was... and that was good enough to submit... but that was about 10-15 years ago... not sure what you should keep now for records.
|
|
|
|
chardrian
|
|
I rarely,if ever, get pms
Join Date: Apr 2005
Posts: 4,524
|
|
I do my own taxes.
|
|
|
|
givememyleg
|
|
WHO YA GONNA CALL?!??
Administrator
Join Date: Nov 2005
Location: ISHPERMING MISHIGEN
Posts: 5,042
|
|
Quote:
Originally Posted by Monty3038
When I used to play slots fairly heavily I kept track of wins and losses in a spreadsheet including parking receipts, etc. for backup that I was where I said I was... and that was good enough to submit... but that was about 10-15 years ago... not sure what you should keep now for records. |
lol, i wonder what the final tally was on that each year. professional slot player!
|
Get your own badge! Click profile at the top and FTR Badge from the left nav.
"The Dragon in My Garage" by Carl Sagan
I say onto you, I've felt the dragon! I felt the touch of his tail, the breath of his fire, and I know without a shadow of a doubt that the dragon exists!
|
|
drmcboy
|
|
DrButtInski
Administrator
Join Date: Aug 2004
Posts: 9,602
|
|
i don't think it's worth it unless you are filing as a pro, but then my wife does my taxes.
|
|
|
|
Monty3038
|
|
Full House
Join Date: Jan 2008
Location: Ohio
Posts: 788
|
|
Never said professional... just played a lot. I usually came out about break even after expenses for travel, was making 1 trip to vegas each year, multiple to Canada... which actually made it easier, the canadians gave you tally's off your membership cards...
I would rack up about $5500 in losses, average about $5000 in income from it... so a net lost of about $500 per year...
|
|
|
|
chardrian
|
|
I rarely,if ever, get pms
Join Date: Apr 2005
Posts: 4,524
|
|
Quote:
Originally Posted by drmcboy
i don't think it's worth it unless you are filing as a pro, but then my wife does my taxes.
|
meh filing as a hobbyist still needs some good tax knowledge because your AGI is going to be really high since you can't just declare your net winnings but have to first declare your gross winnings and then deduct your losses on Schedule A.
|
|
|
|
Jason
|
|
Full House
Join Date: Dec 2004
Location: TN
Posts: 883
|
|
Last year was the first time I really played significant time online and even though my profits were modest, I decided to hire a tax accountant to make sure everything is (a) legitimate and (b) as legal and financially favorable for me as it can be. The tax laws as they relate to gambling can be very confusing and many judgment calls have to be made about whether you are a professional or not, definition of a session, and other laws you might not know about like if the MAXIMUM balance @ any one time in ALL your poker accounts exceed 10k, you are required by law to fill out paperwork declaring so. So, even if your sum never reached 10k @ the same time, if you had 5k on Stars at any point in the year and 5k on Tilt at any time during the year, you have to fill out a couple of forms. The penalty for not filling out these forms can be quite severe in terms of financial loss and possible prison time.
As a start, I'd advise listening to this recent podcast on the subject and make your own judgment. For me, it was important to hire someone who knows the gambling tax law, not just any tax accountant.
|
- Jason
 
|
|
tpb221
|
|
3-of-a-Kind
Join Date: Apr 2008
Posts: 69
|
|
Get your self as tax account that knows the gambling aspect of the tax code. You won't find them at H&R block. From what I understand you want to file as a pro because if you don't you winnings are treated differently and to your disadvantage. Second you need to file paper work with the US government about having overseas financial accounts(your online poker accounts). What ever you do- report all your online winnings. Just cause FT and PS are not mailing/giving you 1099g forms like US casinos do, does not mean you don't have to pay. When/if the laws change about online gambling the first thing the IRS will do is ask for all records from previous years from PS and FT and other online sites and check that you paid taxes on your winnings-god help you if you don't as the penalty and interest will kill you.
|
|
|
|
L_Clan_Sup3rMaN
|
|
Full House
Join Date: Jun 2007
Posts: 833
|
|
Quote:
Originally Posted by Lucothefish
Move to the UK and don't pay tax on gambling winnings. EZ game |
How sure of this are you? Can you link me to some info about this? I was thinking about moving to London for various other reasons but if their is no gambling tax, then that is a huge pro in making my decision.
|
|
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
I'm almost positive that players in England are supposed to pay taxes, along with 90% of the other countries in Europe.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
bode
|
|
Straight Flush
Join Date: May 2006
Location: slow motion
Posts: 4,270
|
|
drew i thought canadians didn't have to pay tax? iirc some HSNL'er from 2+2 had an independent study or something done and it came back that poker wasn't taxable.
|
Quote:
|
eeevees are not monies yet...they are like baby monies.
|
|
|
JL
|
|
Full House
Join Date: Jan 2006
Posts: 1,095
|
|
Quote:
Originally Posted by bode
drew i thought canadians didn't have to pay tax? iirc some HSNL'er from 2+2 had an independent study or something done and it came back that poker wasn't taxable.
|
Gambling isn't taxed in Canada, unless you are a professional.
|
|
|
|
Jack Sawyer
|
|
4-of-a-Kind
Join Date: Jan 2007
Location: Old School
Posts: 2,535
|
|
move to a Caribbean country that doesn't give a shit? Or England?
Quote:
Originally Posted by BankItDrew
I'm almost positive that players in England are supposed to pay taxes, along with 90% of the other countries in Europe.
|
as far as I heard (browsing 2P2 etc.), no. If you win the London ME, or if you win the English equivalent of the lotto, you get the whole advertised sum. No one deducts nothing from there, because they have the sense to understand the uniqueness of games of chance.
|
My dream... is to fly... over the rainbow... so high...
Quote:
|
VHS is like a book and a book is like a stack of kindles.
|
Hey, I'm in a movie!
http://youtu.be/lGdnIrRKDTI
|
|
Galapogos
|
|
4-of-a-Kind
Join Date: Jun 2005
Location: The Loser's Lounge
Posts: 2,322
|
|
Quote:
Originally Posted by bode
drew i thought canadians didn't have to pay tax? iirc some HSNL'er from 2+2 had an independent study or something done and it came back that poker wasn't taxable.
|
If you can show expected profit you gotta pay. You don't have to pay for actually gambling wins like the lotto or roulette or whatever you can't have an edge in.
|
Quote:
|
Originally Posted by sauce123
I don't get why you insist on stacking off with like jack high all the time.
|
|
|
boost
|
|
Full House
Join Date: Mar 2005
Location: Chicago
Posts: 706
|
|
always funny when people talk about moving somewhere to avoid paying taxes.. you do realize that if it were that easy, every wealthy person would have done it, right? If you live in another country it does not exempt you from paying US taxes, you still benefit from being a US citizen and must still pay taxes. Even if you want to renounce your US citizenship, you are legally obligated to pay taxes for I believe a decade. This is to prevent the rich from running of to an island to avoid taxes. And if you renounce your citizenship and dont pay your taxes.. good luck ever setting foot in the US again.
|
|
|
|
drmcboy
|
|
DrButtInski
Administrator
Join Date: Aug 2004
Posts: 9,602
|
|
Quote:
Originally Posted by chardrian
meh filing as a hobbyist still needs some good tax knowledge because your AGI is going to be really high since you can't just declare your net winnings but have to first declare your gross winnings and then deduct your losses on Schedule A.
|
point is if you can't do this you should get an accountant whatever your profession. it isn't much more complicated than any other deduction and is explained in 5,123 places on the web. If you can't use the internet, yes, you are too stupid to do your own taxes.
|
|
|
|
Micro2Macro
|
|
Moderator
Join Date: Jan 2009
Location: http://three-pair.com/
Posts: 4,465
|
|
Quote:
Originally Posted by JL
Gambling isn't taxed in Canada, unless you are a professional.
|
is there a way we can pretend we're just degen's who are lucky...
|
|
|
|
JL
|
|
Full House
Join Date: Jan 2006
Posts: 1,095
|
|
lol I'm not sure.
In the tax world, it is always up to you to prove that you are not a professional. Basically, you are guilty until proven innocent.
|
|
|
|
Lucothefish
|
|
Full House
Join Date: Mar 2009
Location: Cretaceous Park
Posts: 702
|
|
Quote:
Originally Posted by L_Clan_Sup3rMaN
How sure of this are you? Can you link me to some info about this? I was thinking about moving to London for various other reasons but if their is no gambling tax, then that is a huge pro in making my decision.
|
I'm an accountant resident in the UK, so yeah I'm sure. But like boost said, it doesn't help you guys any 
|
|
<@d0zer> how will you learn if I don't berate you harshly?
|
|
Muzzard
|
|
4-of-a-Kind
Join Date: Aug 2006
Location: Cheshire, UK
Posts: 1,843
|
|
Quote:
Originally Posted by BankItDrew
I'm almost positive that players in England are supposed to pay taxes, along with 90% of the other countries in Europe.
|
you would be wrong then, I live in England and all gambling winning are tax free.
|
|
|
|
kevster
|
|
Full House
Join Date: May 2006
Location: Fold City
Posts: 758
|
|
Yep, everyone in the UK has to pay taxes but any earnings/winnings from gamnbling (of any kind) are exempt.
|
|
- You're the reason why paradise lost
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Can someone post a link to source this claim?
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
Muzzard
|
|
4-of-a-Kind
Join Date: Aug 2006
Location: Cheshire, UK
Posts: 1,843
|
|
You think that ppl in the UK don't know the stance on UK tax on gambling on a poker forum?
I live in UK, Kevster lives in the UK as does Luco who is an accountant. I don't think we need any links.
If you win the lottery, there is no tax - same with poker etc etc.
|
|
|
|
BooG690
|
|
Join Date: Mar 2009
Posts: 1,439
|
|
Muzzard just pwnt Drew.
|
That's how winners play; we convince the other guy he's making all the right moves.
|
|
Keith
|
|
Full House
Join Date: Nov 2008
Posts: 1,336
|
|
whilst doing my business accounts (UK) asked my accountant about having to declare poker winnings and he said no problem tax free.....US based sweat buddies were pissed when they found out. Accountant even trotted out the story of a client who was a part time bookie with a lot of cash going through bank account. He just had to show that it was gambling related and then revenue weren't interested as it was tax free.
|
|
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Quote:
Originally Posted by Muzzard
You think that ppl in the UK don't know the stance on UK tax on gambling on a poker forum?
I live in UK, Kevster lives in the UK as does Luco who is an accountant. I don't think we need any links.
If you win the lottery, there is no tax - same with poker etc etc.
|
No, I believe you do know the stance on UK tax and gambling. I'm just curious as to the details involved.
And that thing with the no tax on the lottery is the same thing as poker - is awesome. I wish in Canada we had the same mindset. Here, one is looked upon as a windfall and the other an expectation. This is the simple determining factor for such cases in our country.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Never mind, I did my own research. Thanks anyways though.
I think I may look into moving to the UK. Recommendations?
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
Muzzard
|
|
4-of-a-Kind
Join Date: Aug 2006
Location: Cheshire, UK
Posts: 1,843
|
|
Quote:
Originally Posted by BankItDrew
No, I believe you do know the stance on UK tax and gambling. I'm just curious as to the details involved.
And that thing with the no tax on the lottery is the same thing as poker - is awesome. I wish in Canada we had the same mindset. Here, one is looked upon as a windfall and the other an expectation. This is the simple determining factor for such cases in our country.
|
There is no 'detail' its a complete blanket exemption.
It's not like 'oh if you do it as a pro you have to pay tax' or 'oh you earnt over 20k therefore it's taxed'. It's a compete tax exemption if you are pro or recreational and no matter how little or great a sum you earn.
|
|
|
|
Muzzard
|
|
4-of-a-Kind
Join Date: Aug 2006
Location: Cheshire, UK
Posts: 1,843
|
|
Quote:
Originally Posted by BankItDrew
Never mind, I did my own research. Thanks anyways though.
I think I may look into moving to the UK. Recommendations?
|
If you want to play live too, there are only two places really. London and Nottingham. Sure other cities like Manchester/Birmingham etc etc will have cash games running but not with the variety of these two cities.
London is obv more expensive than anywhere else and generally speaking the south is more expensive than the north in terms 'cost of living'.
I'm not sure how easy it will be to get a visa for more than 6months. I presume not that easy especially if you aren't planning to study or work and will be getting your income from 'playing poker'.
|
|
|
|
BennyLaRue
|
|
Full House
Join Date: Sep 2007
Posts: 646
|
|
I hear there is this Sheriff in Nottingham who is a real badass. Don't move there.
|
|
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Quote:
Originally Posted by BooG690
Muzzard just pwnt Drew.
|
You sir, are a Douchebag. No links required for verification.
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
|
Monty3038
|
|
Full House
Join Date: Jan 2008
Location: Ohio
Posts: 788
|
|
Quote:
Originally Posted by BennyLaRue
I hear there is this Sheriff in Nottingham who is a real badass. Don't move there.
|
/thread
|
|
|
|
boost
|
|
Full House
Join Date: Mar 2005
Location: Chicago
Posts: 706
|
|
Quote:
Originally Posted by BankItDrew
Never mind, I did my own research. Thanks anyways though.
I think I may look into moving to the UK. Recommendations?
|
man, you are displaying an elevated level of density in this thread. Did you read my post? Moving anywhere in the world will do you zero good unless you both A) plan to actually immigrate, meaning youll have to gain citizenship and B) never return to america out of fear of imprisonment for all the back taxes you owe.
There are loopholes that allow you to shield your monies from a lot of the taxation in this country, however fleeing to a tax haven is not a reasonable or realistic one.
|
|
|
|
BankItDrew
|
|
4-of-a-Kind
Join Date: Oct 2005
Location: Losing Prop Bets
Posts: 2,789
|
|
Quote:
Originally Posted by boost
man, you are displaying an elevated level of density in this thread. Did you read my post? Moving anywhere in the world will do you zero good unless you both A) plan to actually immigrate, meaning youll have to gain citizenship and B) never return to america out of fear of imprisonment for all the back taxes you owe.
There are loopholes that allow you to shield your monies from a lot of the taxation in this country, however fleeing to a tax haven is not a reasonable or realistic one.
|
I usually put zero eggs in the basket of boost.
jk bud you know i love ya
|
Girlfriend: Why are the werewolves more important than living life?!
Girlfriend: Are you on the forums doing the werewolves again?
Girlfriend: Soo... you forgot to run that errand, but you had time to werewolf? Wtf?
|
English
Deutsch
Español
Français
Italiano
Nederlands
Pусский
Svenska
05-26-2012, 03:08 PM Australia Legalized Online Poker coming up in next 6 to 12 Months
Linear Mode
