I DO NOT WANT TO PAY TAXES... HOW DO I REDUCE THEM

[Cactus Cactus]

Honestly, I think that most of the people on this 2+2 are wussies. Everyone is like I pay 100% of my taxes and I let the government $%#& me in the ass. Those of you are like this please do not respond.

I picked up the famous book called "Rich Dad Poor Dad" where the rich dad uses all the deducts and leverage he can possible to pay the least possible, where the poor dad (or 98% of the people here) pay as much as possible.

My question is where can I find an accountant so I can start to be on the parth to become the rich dad. Suggestions/Comments

[Nightwish]

You may also want to consider the difference between tax avoidance and tax evasion. The former is smart and legal. The latter will get you thrown in jail.

I don't think anyone here is suggesting that you don't try to minimize your taxes. The key is to do it legally. Just refusing to pay your taxes is not tax avoidance, it's tax evasion.

[Jimbo]

[ QUOTE ]
I DO NOT WANT TO PAY TAXES... HOW DO I REDUCE THEM

[/ QUOTE ]

Make less money or else get drunk again and blow another 30 grand in the casino. I guarantee either method will reduce your tax obligation.

Jimbo

Only claim the money you cash out. Next!

[MasterShakes]

Options:

1) Leave the country and go somewhere more favorable
2) Petition the government to change tax law
3) Learn tax law so that you can use it to your advantage with deductions (alternative would be to hire somebody to do this for you)
4) Break the law

Suggestions:

1) Stop typing in all caps
2) Stop expecting people to hold your hand on stuff like this and crack a book once in a while.

[smb394]

YSSCKY

Problem solved.

[ QUOTE ]
YSSCKY

Problem solved.

[/ QUOTE ]

why

[gambelero2]

so how do you reduce them in the most effective manner? Also, what does LCC... mean?

Serious inquiry.

[Shoe]

[ QUOTE ]

I picked up the famous book called "Rich Dad Poor Dad" where the rich dad uses all the deducts and leverage he can possible to pay the least possible, where the poor dad (or 98% of the people here) pay as much as possible.

My question is where can I find an accountant so I can start to be on the parth to become the rich dad. Suggestions/Comments

[/ QUOTE ]

Well if you follow the books advice you need to stop playing poker and start investing in oil exploration and real estate where you don't have to pay as much taxes.

Gambling is not an area the U.S. Government taxes on the light side.

[jman220]

[ QUOTE ]
[ QUOTE ]
YSSCKY

Problem solved.

[/ QUOTE ]

why

[/ QUOTE ]
Because You're an idiot.

aww, still bitter, are we? Well you should be.

[MisterKing]

Part of me is silently rooting for you to be audited and to have your post above be admitted into evidence by the IRS when they make their case that you knowingly evaded the tax law. Pay your effing taxes bud.

[Voltron87]

[ QUOTE ]
YSSCKY

Problem solved.

[/ QUOTE ]

then his money will get inheirited, more taxes




cactus: can you try withdrawing only with the neteller ATM/debit card and see if it works and if you can go without declaring it? i'd like to know. k thnx

[popeye18]

Ok i dont like to hijack threads but this one doesnt seem to be going anywhere. IM just curious if anyone knows how i can estimate my taxes. Ive used the h@r block calculator but im not sure how to calculate state taxes. Anyone know?

[oreogod]

Hire an awesome CPA...you can write off a crap load of stuff...part of your rent/mortage, books, computers, dsl line..etc.

If u want to pay less taxes, live outside the US for at least 180-200 days (something like that)...because u can pay a fraction of what u would inside the US (see Tstones thread in this forum about living abroad and taxes).

Also Ive heard good things about this book (but I cant vouche for it...havent read it, imo a good cpa is the way to go):

http://images.amazon.com/images/P/0818406321.01._AA240_SCLZZZZZZZ_.jpg



PS: also wtf is with ppl swinging from the governements cock about taxes. OMG this guy wants to find a way to not pay anything he doesnt have to. That should be the goal of everyone. imo. PPl need to relax.

[tripp0807]

[ QUOTE ]
Part of me is silently rooting for you to be audited and to have your post above be admitted into evidence by the IRS when they make their case that you knowingly evaded the tax law. Pay your effing taxes bud.

[/ QUOTE ]

And guess what? It will.

OP: I'm an attorney. Not a tax attorney, but an attorney just the same. I was really hoping that discussions like this would stop because of Ed Miller's recent articles in the 2+2 Magazine, but apparently, they haven't.

You should read the article, paying particular attention to the part where he says something to the effect of, "if someone from the IRS reads your post, 2+2 is going to get a subpoena from the federal government to help them figure out who you are."

Guess what happens after that? You're screwed. Don't steal from the biggest theives in the world. They hate competition.

You're also an idiot for discussing this on the internet.

[FatTony21]

FYI, Rich Dad is actually a fictional character, and most legal tax loopholes have been closed. Some ways to reduce your income tax if you file as a professional gambler:

SEP IRA - probably the best way to reduce taxes. 25% of your income up to 40K per year may be tax deferred

Gambling Expenses - ISP, magazines, software, books, etc..computer equipment if it's used primarily for online gambling

As for some less ethical ways...

Travel expenses - do you travel to play in live games? If so, the travel expenses are deductable. As long as there is a casino at your vacation destination, you may be able to get away with expensing the vecation.

Gambling losses: anything online probably has an electronic paper trail once it leaves the poker site. Even if you transfer to a bank outside the US, most countries have tax treaties with the US and will report this. Do you play in live games, or gamble at other table games? If you don't make a 10K transaction within a 24 hour period, the IRS can do little to track it. It's possible that you made a lot online, but had a bad year playing blackjack...

If you file as a professional gambler, the probability of being audited is high. It's up to you to decide if the risk of tax fraud is worth paying less income tax.

p.s. I am not a tax professional, and this is not advice.

[Schwartzy61]

[ QUOTE ]
My question is where can I find an accountant so I can start to be on the parth to become the rich dad. Suggestions/Comments

[/ QUOTE ]

Not sure where you're from, but in the area where I live, they call it the Phone Book or Yellow Pages.

[teddyFBI]

What if you just keep most of your bankroll online at a poker site. They don't report any of that stuff to the IRS, and if you get audited, you can just show them a $10,000 deposit to Party Poker that offsets most of your winnings and claim you lost it.

Can the IRS subpoena your poker site records?
I dunno -- probably.

[TStoneMBD]

buy a bunch of rental units. deduct the interest of your mortgage and the depreciating value of the home (all homes depreciate according to the government). make money off the equity buildup and save a fortune on taxes.

[gabyyyyy]

[ QUOTE ]
Honestly, I think that most of the people on this 2+2 are wussies. Everyone is like I pay 100% of my taxes and I let the government $%#& me in the ass. Those of you are like this please do not respond.

I picked up the famous book called "Rich Dad Poor Dad" where the rich dad uses all the deducts and leverage he can possible to pay the least possible, where the poor dad (or 98% of the people here) pay as much as possible.

My question is where can I find an accountant so I can start to be on the parth to become the rich dad. Suggestions/Comments

[/ QUOTE ]

They pay 100 percent alright. 100 percent of nothing.

Most are losers on the internet forum. However, you would think they were all millionares. With their pos Dell's that they think are so great, and their 3 21" monitors.

[ QUOTE ]

Most are losers on the internet forum. However, you would think they were all millionares. With their pos Dell's that they think are so great, and their 3 21" monitors.

[/ QUOTE ]

This may be true, but one thing that IS true is that you are horrible at poker. Do you realize that when I started playing poker, you were still bitching about the same crap you still are? Wow. I don't know why you are so bitter about people making money at poker. Just because you don't or can't handle the swings, doesn't mean there aren't many others who actually understand how poker works. Although you will never realize it, you are a joke on 2+2. Seriously, a class clown and a living example of what happens when you don't care about improving your game. I take personal offense when you make sweeping insults at those who have the same tools available to them that made me a winner: the 2+2 forums and books. You are embarassing yourself.

[gabyyyyy]

[ QUOTE ]
[ QUOTE ]

Most are losers on the internet forum. However, you would think they were all millionares. With their pos Dell's that they think are so great, and their 3 21" monitors.

[/ QUOTE ]

This may be true, but one thing that IS true is that you are horrible at poker. Do you realize that when I started playing poker, you were still bitching about the same crap you still are? Wow. I don't know why you are so bitter about people making money at poker. Just because you don't or can't handle the swings, doesn't mean there aren't many others who actually understand how poker works. Although you will never realize it, you are a joke on 2+2. Seriously, a class clown and a living example of what happens when you don't care about improving your game. I take personal offense when you make sweeping insults at those who have the same tools available to them that made me a winner: the 2+2 forums and books. You are embarassing yourself.

[/ QUOTE ]

Embarassing myself in front of whom? A bunch of pimple faced virgins who spend the entire day inside of their houses because they can't get laid?

There are very few people I respect on these forums. Microbob being one of the few who I respect.

You on the other hand Mr. 90 posts can go spout off your grade school $hit to someone who actually cares.

[ QUOTE ]
FYI, Rich Dad is actually a fictional character, and most legal tax loopholes have been closed.

[/ QUOTE ]
Plus, Rich Dad "avoided" paying income tax because he didn't actually have that much income - he kept most of his money tied up in investments, and even then the taxes don't go away, they're just deferred until the investments are liquidated.

You can find out more by purchasing the other 1,000 "Rich Dad" books, tapes and DVD seminars. (Wonder how the author REALLY got rich...?)

Unfortunately, past an IRA there probably aren't many options for hiding away your gambling income, since it's liquid to begin with. As others have said, you'll want to take as many legal deductions as you can - and one of those should be the fee for a good tax accountant.

And I'm not a tax lawyer either.

[theblitz]

I'm sure there must be ways to reduce your LIABILITY.

But remember:

There is a BIG differance between "Tax avoidance" and "Tax evasion"

[matt hooley]

I agree with OP, I'm very disapointed by the average 2+2ers response of "just pay them" to the tax dillema.
For someone like me, a full time student and part time poker player, it's pretty easy just to not pay poker taxes at all. But for someone playing full time/ making a considerable amount more than me and a non-dependant it is a bit more tricky.
Why don't we hear more from poeple out there who are currently making a ton at online poker but paying very little to no taxes. Why should they speak up and risk drawing attention to themselves?

[craig r]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

Most are losers on the internet forum. However, you would think they were all millionares. With their pos Dell's that they think are so great, and their 3 21" monitors.

[/ QUOTE ]

This may be true, but one thing that IS true is that you are horrible at poker. Do you realize that when I started playing poker, you were still bitching about the same crap you still are? Wow. I don't know why you are so bitter about people making money at poker. Just because you don't or can't handle the swings, doesn't mean there aren't many others who actually understand how poker works. Although you will never realize it, you are a joke on 2+2. Seriously, a class clown and a living example of what happens when you don't care about improving your game. I take personal offense when you make sweeping insults at those who have the same tools available to them that made me a winner: the 2+2 forums and books. You are embarassing yourself.

[/ QUOTE ]

Embarassing myself in front of whom? A bunch of pimple faced virgins who spend the entire day inside of their houses because they can't get laid?

There are very few people I respect on these forums. Microbob being one of the few who I respect.

You on the other hand Mr. 90 posts can go spout off your grade school $hit to someone who actually cares.

[/ QUOTE ]

Me not getting laid has nothing to do with me being "pimply face". I choose not to leave my house, because my mixture of speed and coke make me paranoid that others are after me. And I don't want to invite an escort girl over because then she will want some and I would rather not share. PLUS, being on here lets me avoid the real world.

craig

p.s. I don't really mix coke and speed.