Embarrassingly stupid tax question.

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.

if, in fact, you are dealing with that kid of money, you should talk to an accountant.

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.