Acct says no SS tax, thoughts?

[Neurotoxin]

Just got back from my accountant, he says that I don't have to pay Self Employment tax even though Poker is my sole source of income and I'm making a lot of money from it. He also says there's no reason to file quarterly as there will beno penalties or fines, anyone have a second opinion?

[MrTrik]

If you are going to eventually file at the end of the year, and your wages are not being taxed as you go, you will indeed get fined for not paying quarterly unless your bottom line is near zero. I know this from non-poker-related consulting experience. I made this mistake just before I got a clue. As for SS, well I'm still clueless on that.

[mosquito]

[ QUOTE ]
Just got back from my accountant, he says that I don't have to pay Self Employment tax even though Poker is my sole source of income and I'm making a lot of money from it. He also says there's no reason to file quarterly as there will beno penalties or fines, anyone have a second opinion?

[/ QUOTE ]

Self employment tax is for earned income.

Poker income is not earned unless you file as
a form C. Then you get some business deductions,
cancelling some of the SE tax.

[SynSid]

Would help to know which country you live in.