Re: So I just lost 30K......
 

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According my accountant, its not required unless youre filing as a pro.


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Which I am not.

Re: So I just lost 30K......
 

Whether you are filing as a pro is completely irrelevant, you will have to pay penalties if both:

a) you pay less than 90% of your total tax liability for the year through withholding or quarterly payments.

and

b) you pay less than 100% of your tax liability for last year through withholding or quarterly payments.

Actually its slightly more complicated than that, but that's the general idea, filing as a professional or not has nothing to do with it.

Re: So I just lost 30K......
 

"According my accountant, its not required unless youre filing as a pro."

get a new accountant

Re: So I just lost 30K......
 

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I don't know guys but i think either november is an unlucky month or its party. No im not saying its rigged, maybe they got alot more loose players with their commercials and stuff. Because this month in Party i, too took a beating. I am not playing high stakes like you are, but i went from a $1400 roll playing 3/6 and beating it by 2bb/hr in 10k hands, to a $400 roll. Maybe someone can look at their PT database from last year and see if they experienced something similar.

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is this a gimmick account?

Re: So I just lost 30K......
 

Perhaps you're not that good and were just having a lucky streak.

Re: So I just lost 30K......
 

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Yeah, I played 10K hands in August, made $30K, 10K hands in Sep., made $28K, before that I was at 1000NL and made $15K in a month there. So yes, I know what I am doing.


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Heh.

Re: So I just lost 30K......
 

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Play within your bankroll. Be willing to move down.

Just cause you had some temporary success doesn't mean you should be playing that game.

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I'm just curious, have you always played within your br?

Or did you play on a short br at low limits so you could move up quicker?

I'm pretty sure I read somewhere here that's how you did it.

Re: So I just lost 30K......
 

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According my accountant, its not required unless youre filing as a pro.


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Which I am not.

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Not to be a cheese, but you guys with 15k+ poker tax bills should really take the time to learn the tax codes. And I don't mean to find someone with CPA after their name and ask. I mean do independent research so YOU know what's up. It seems silly to me to learn to beat big poker games only to give it back at tax time through ignorance.

Re: So I just lost 30K......
 

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Heh.

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Obviously I'm not saying I'm the best player in the game. But after witnessing the fundamental mistakes there, I know for a fact I can beat it. It's not I am claiming to be able to beat the big UB games. Ask any of the regulars whether they think I am a winning player. My old name was Sparty665 up until the skins broke off.

Re: So I just lost 30K......
 

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I'm just curious, have you always played within your br?

Or did you play on a short br at low limits so you could move up quicker?

I'm pretty sure I read somewhere here that's how you did it.

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Yeah, I have always had at least 10-15 buyins for low limit. I moved up to 10/20 while still playing some 5/10. I had about 15 buyins (still short of optimal), but I quickly was bankrolled correctly when I started beating the game.