Re: Another Poker/Tax Post --- How To Suddenly Start Reporting?
Opinion only!
I file, and have done so for several years, but the very first time I ever filed any gaming winnings I did so at the end of the year. If your win is small enough, you may not need to worry about any penalty for "late payment" for 2005 earnings (which are supposed to be paid quarterly).
I'd just go ahead and file my regular 2005 1040 and include your winnings either on the front (or better yet) or on a schedule C (essentially filing as a business - poker player). The IRS will then send you a set of quarterly coupons to prepay your 2006 taxes quarterly.
If you keep playing, and are making more money, it is a lot easier to pay the taxes you owe this way, instead of waiting until the end of the year and owing so much that it really hurts to make the payment, and penalties.
Dogmeat [img]/images/graemlins/spade.gif[/img]
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