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View Full Version : I need a plan to avoid paying taxes in full.

captZEEbo1
10-12-2005, 11:01 PM
Sorry if wrong forum.

I don't own property or a business. I made a lot of $ from poker this year. Is there stuff you can do to get a big tax break? Like if I bought a business (McDonalds or something), would all the money I earned not really count as being earned? Or if I bought a house would I get a huge tax break? I don't really have any comprehension of how this works, but is there any kind of investments I could do where I wouldn't have to pay taxes on ALL my earnings?
kenberman
10-12-2005, 11:02 PM
[ QUOTE ]
Sorry if wrong forum.

I don't own property or a business. I made a lot of $ from poker this year. Is there stuff you can do to get a big tax break? Like if I bought a business (McDonalds or something), would all the money I earned not really count as being earned? Or if I bought a house would I get a huge tax break? I don't really have any comprehension of how this works, but is there any kind of investments I could do where I wouldn't have to pay taxes on ALL my earnings?

[/ QUOTE ]

talk to a cpa
PoBoy321
10-12-2005, 11:03 PM
I had a neighbor who used to make a lot of money gambling. It was how he paid for his sept-annual cruises to Bermuda. To avoid paying taxes, he used to go to the track and collect losing tickets. He took those tickets, claimed them as gambling losses and didn't have to pay taxes on the money he had won gambling because apparently you can deduct gambling losses from gambling winnings.
InchoateHand
10-12-2005, 11:05 PM
Yeah, you can reduce your tax liability to zero by making 4 quarterly estimated payments a year.
theghost
10-12-2005, 11:07 PM
The IRS is pretty skeptical about losing lottery tickets or stubs from the track; I don't think this is the way to go. (Of course you're fine until the audit...then one of the tickets has a footprint on it.)

They're not retarded.
bobman0330
10-12-2005, 11:07 PM
[ QUOTE ]
Tax fraud.

[/ QUOTE ]

FYP
DMBFan23
10-12-2005, 11:08 PM
"What a bunch of nerds we are, we're looking up money laundering in a dictionary"
DrunkIrish05
10-12-2005, 11:08 PM
[ QUOTE ]
[ QUOTE ]
Sorry if wrong forum.

I don't own property or a business. I made a lot of $ from poker this year. Is there stuff you can do to get a big tax break? Like if I bought a business (McDonalds or something), would all the money I earned not really count as being earned? Or if I bought a house would I get a huge tax break? I don't really have any comprehension of how this works, but is there any kind of investments I could do where I wouldn't have to pay taxes on ALL my earnings?

[/ QUOTE ]

talk to a cpa

[/ QUOTE ]

this won't necessarily help, cpa's can do tons of different things, you need some kind of personal tax advisro
captZEEbo1
10-12-2005, 11:11 PM
I guess I should add that I'm looking for a legal way to do it /images/graemlins/smile.gif

Does buying a house get you tax breaks or am I way off here?
PoBoy321
10-12-2005, 11:11 PM
[ QUOTE ]
[ QUOTE ]
Tax fraud.

[/ QUOTE ]
FYP

[/ QUOTE ]

Yeah, it probably was, I have no idea what the laws are, or, for that matter, if he actually did it.
DrunkIrish05
10-12-2005, 11:15 PM
[ QUOTE ]
I guess I should add that I'm looking for a legal way to do it /images/graemlins/smile.gif

Does buying a house get you tax breaks or am I way off here?

[/ QUOTE ]

Yes, because your first mortgage payments will be paying off mostly interest and very little principle, these interest payments incite tax breaks, i'm not sure if they're deductions or exemptions or what, but i know that you will recieve some sort of break. Also, i don't know how this relates to poker income, you really need to talk to a personal tax advisor type person, maybe's there's even someone on oot that does that
TheWorstPlayer
10-12-2005, 11:29 PM
For a few BBs you could get quality advice from a certified tax professional. That seems like the best way to go.
KaneKungFu123
10-13-2005, 01:51 AM
have you been making estimated payments?
Sponger15SB
10-13-2005, 02:16 AM
I'm kinda suprised this thread isn't filled with psychos telling you that your a traitor to your country like they did to KKF in his taxes thread.
MrMon
10-13-2005, 02:26 AM
Buying a home this year won't really get you a tax break this year. And only then if you take out a mortgage.

Probably the best tax break left to you for this year would be to fund some retirement accounts. There are some pretty big breaks possible here if you're self-employed.

Of course, there are tax credits you can buy, but I don't think those apply at the federal level. Might be worth it for your state.

Like several others said, check with a tax adviser. It'll be well worth it.
10-13-2005, 02:28 AM
Heh, discussing tax fraud in a public forum /images/graemlins/laugh.gif
captZEEbo1
10-13-2005, 06:36 AM
[ QUOTE ]
have you been making estimated payments?

[/ QUOTE ]

no, don't you have to base them on last year or something? I wasn't really making anything last year.
daryn
10-13-2005, 08:02 AM
[ QUOTE ]
Heh, discussing tax fraud in a public forum /images/graemlins/laugh.gif

[/ QUOTE ]

heh, piss poor reading comprehension.

he said he is looking for a legal way to pay less taxes.
siccjay
10-13-2005, 08:04 AM
[ QUOTE ]
then one of the tickets has a footprint on it.

[/ QUOTE ]

?

What kind of footprint could these tickets have? They don't take your name when you bet horses or buy lottery tickets.
siccjay
10-13-2005, 08:06 AM
[ QUOTE ]
I'm kinda suprised this thread isn't filled with psychos telling you that your a traitor to your country like they did to KKF in his taxes thread.

[/ QUOTE ]

Me too.

Bad thing is I bet 90% of them have some way to pay less taxes then they are supposed too. Just about everyone in the world does.
daryn
10-13-2005, 08:06 AM
[ QUOTE ]
[ QUOTE ]
then one of the tickets has a footprint on it.

[/ QUOTE ]

?

What kind of footprint could these tickets have?

[/ QUOTE ]

most likely one from a shoe or boot, or both!


[ QUOTE ]

They don't take your name when you bet horses or buy lottery tickets.

[/ QUOTE ]

i'll assume this is a question (?) and answer. no.
Vavavoom
10-13-2005, 08:07 AM
[ QUOTE ]
[ QUOTE ]
then one of the tickets has a footprint on it.

[/ QUOTE ]

?

What kind of footprint could these tickets have? They don't take your name when you bet horses or buy lottery tickets.

[/ QUOTE ]

[ QUOTE ]
I had a neighbor who used to make a lot of money gambling. It was how he paid for his sept-annual cruises to Bermuda. To avoid paying taxes, he used to go to the track and collect losing tickets. He took those tickets, claimed them as gambling losses and didn't have to pay taxes on the money he had won gambling because apparently you can deduct gambling losses from gambling winnings.



[/ QUOTE ]
daveymck
10-13-2005, 08:13 AM
An actual footprint where somone stood on it on the track.
siccjay
10-13-2005, 08:16 AM
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
then one of the tickets has a footprint on it.

[/ QUOTE ]

?

What kind of footprint could these tickets have?

[/ QUOTE ]

most likely one from a shoe or boot, or both!


[ QUOTE ]

They don't take your name when you bet horses or buy lottery tickets.

[/ QUOTE ]

i'll assume this is a question (?) and answer. no.

[/ QUOTE ]

hahaha I thought he was talking about a way to trace it or something.

Who cares if a ticket has a footprint (from a show) on it? I drop [censored] and step on it all the time, does that make it not mine?
jakethebake
10-13-2005, 08:17 AM
[ QUOTE ]
Heh, discussing tax fraud in a public forum /images/graemlins/laugh.gif

[/ QUOTE ]

Fraud? Yea. Right. /images/graemlins/tongue.gif
10-17-2005, 11:48 AM
If you owe more than one thousand you may be subject to a penalty. There are reasons that the penalty could be waived and they depend on your liability from last year.

Investing in a pre-tax retirement account is your best option for a tax break this year. You may qualify for the savers credit as well.
BradleyT
10-17-2005, 11:56 AM
[ QUOTE ]
The IRS is pretty skeptical about losing lottery tickets or stubs from the track; I don't think this is the way to go. (Of course you're fine until the audit...then one of the tickets has a footprint on it.)

They're not retarded.

[/ QUOTE ]

My mom and one of her friends have used thousands and thousand of dollars in losing lottery tickets from gas stations to increase their gambling losses they can report. They've been doing this for over 12 years.
Indiana
10-17-2005, 12:03 PM
Buyin a home is a waste of time because there aint enough time left in the year for the interest to help you much. Did you win this online or in a casino? The big thing is whether or not it will be reported to the IRS. The IRS is probably not going to catch you unless somebody else reported it. If it is a big sum of $$ then you must report something just in case they catch you later. PM me with specific questions. I make over 250K/yr so I know the IRS like the back of my hand.

Welcome to the club,

Indy
lem45216
10-17-2005, 12:16 PM
http://i5.photobucket.com/albums/y186/lozthefunkybassist/ukmap.jpg

Land of the free.
correia
10-17-2005, 12:49 PM
1. Gambling losses can only be used to offset gambling winnings.
2. Buying a home wouldn't get you a huge tax break this year.
3. You could invest in a retirement plan such as a deferred annuity. You can contribute to the annuity in a lump sum or gradually over time. All of your earnings are tax deferred until you withdraw your money, usually at retirement.
Indiana
10-17-2005, 01:04 PM
United Kingdom? Welcome to the land of $6/gallon gasoline, overly socialist government and taxation policy, and not to mention life without a real sport to watch on tv. Did I mention $150 for a cab ride from the airport to the hotel? No thanks, I'll just stay in the USA

Indy