Looking for a CPA who understands Gambling Taxes
 

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.

Re: Looking for a CPA who understands Gambling Taxes
 

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.

Re: Looking for a CPA who understands Gambling Taxes
 

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

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The exclusion does not apply to gambling winnings.

Vince

Re: Looking for a CPA who understands Gambling Taxes
 

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

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

Re: Looking for a CPA who understands Gambling Taxes
 

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.

Re: Looking for a CPA who understands Gambling Taxes
 

[ 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.


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

Re: Looking for a CPA who understands Gambling Taxes
 

can one person own a corporation?

Re: Looking for a CPA who understands Gambling Taxes
 

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.

Re: Looking for a CPA who understands Gambling Taxes
 

[ 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.

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

Re: Looking for a CPA who understands Gambling Taxes
 

it's in the guide they sell