Re: taxes
Well, I guess I did overstate it and didn't qualify what I meant by "in the red". What I mean is that for a 1k a month player who has a job and takes the standard deduction, you will be taxed on approx 16k of additional income instead of the 12k of income you really made. If you already make $30k/yr and take the standard deduction, your tax liability will be about $1200 more than it would be if you took a 2nd job and made 12k of additional income. That's a 10% gross penalty for poker, which is a big financial hit--particularly if extended over time. If you wind up having a break-even year, you may pay taxes on income you never received.
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