I need a plan to avoid paying taxes in full.
 

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?

Re: I need a plan to avoid paying taxes in full.
 

[ 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

Re: I need a plan to avoid paying taxes in full.
 

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.

Re: I need a plan to avoid paying taxes in full.
 

Yeah, you can reduce your tax liability to zero by making 4 quarterly estimated payments a year.

Re: I need a plan to avoid paying taxes in full.
 

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.

Re: I need a plan to avoid paying taxes in full.
 

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Tax fraud.

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FYP

Re: I need a plan to avoid paying taxes in full.
 

"What a bunch of nerds we are, we're looking up money laundering in a dictionary"

Re: I need a plan to avoid paying taxes in full.
 

[ 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

Re: I need a plan to avoid paying taxes in full.
 

I guess I should add that I'm looking for a legal way to do it [img]/images/graemlins/smile.gif[/img]

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

Re: I need a plan to avoid paying taxes in full.
 

[ QUOTE ]
[ QUOTE ]
Tax fraud.

[/ QUOTE ]
FYP

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Yeah, it probably was, I have no idea what the laws are, or, for that matter, if he actually did it.