Looking for a CPA who understands Gambling Taxes

KaneKungFu123 · #1 11-16-2005, 07:51 PM

I am looking for someone to help with filing my taxes and maybe some other stuff.

If there anyway to file as a Professional Gambler and not pay SE Tax? What are the tax advantages of starting a corporation? Can I start a corporation as a Professional Gambler?

Give me information on the different retirement plans one can invest in with tax benefits...

I am overseas and was planning to take the foriegn earned income exclusion and i am curious if I can still take advantages of these retirement plans.

Thanks.

KaneKungFu123 · #2 11-16-2005, 07:59 PM

More questions: If I start taking care of my parents, and neither of them is employed, can I start claiming them as dependents. They do not recieve any pensions or SS yet.

I will add my name to their mortgage also if that is nessecary.

Vincent Lepore · #3 11-16-2005, 08:27 PM

[ QUOTE ]
I am overseas and was planning to take the foriegn earned income exclusion

[/ QUOTE ]

The exclusion does not apply to gambling winnings.

Vince

Vincent Lepore · #4 11-16-2005, 08:28 PM

[ QUOTE ]
If I start taking care of my parents, and neither of them is employed, can I start claiming them as dependents.

[/ QUOTE ]

If you provide more than half of their support you can claim them as dependents.
Vince

ChrisMonkeymaker · #5 11-16-2005, 08:30 PM

If the pokersites are willing to open accounts by a corporation, I can't see why you wouldn't be able to play poker as a corporation. I'm curious if anyone has done this: Open a neteller account as a corporation (drawing money from a corporate bank account) and then deposit money into a site as a corporation.

If you indeed can play as a corporation, the corporation will pay half the self-employment (7%) and can deduct it as an expense. This is a good advantage. Also, a corporation is still in the 15% tax bracket if it has income of 50k while an individual would be at 28% at that point.

KaneKungFu123 · #6 11-16-2005, 08:58 PM

[ QUOTE ]
If the pokersites are willing to open accounts by a corporation, I can't see why you wouldn't be able to play poker as a corporation. I'm curious if anyone has done this: Open a neteller account as a corporation (drawing money from a corporate bank account) and then deposit money into a site as a corporation.

If you indeed can play as a corporation, the corporation will pay half the self-employment (7%) and can deduct it as an expense. This is a good advantage. Also, a corporation is still in the 15% tax bracket if it has income of 50k while an individual would be at 28% at that point.

[/ QUOTE ]

So over 50K in earnings is taxes at 15% tax rate plus 7% SE tax, that is also deductible?

KaneKungFu123 · #7 11-16-2005, 09:15 PM

can one person own a corporation?

astroglide · #8 11-16-2005, 10:12 PM

the corporation idea has been "discovered" in almost every tax thread i've ever read on 2+2.

it's been thoroughly researched by www.rbstaxes.com and they concluded that there is no legal way to benefit from it. i trust them a lot more than the "hey what if..." people.

KaneKungFu123 · #9 11-16-2005, 10:40 PM

[ QUOTE ]
the corporation idea has been "discovered" in almost every tax thread i've ever read on 2+2.

it's been thoroughly researched by www.rbstaxes.com and they concluded that there is no legal way to benefit from it. i trust them a lot more than the "hey what if..." people.

[/ QUOTE ]

i have viewed this site before, but cant find where they shoot down the corporation idea.

astroglide · #10 11-16-2005, 10:42 PM

it's in the guide they sell