Re: Declaring Yourself a Corporation for Tax Purposes
As everyone else has mentioned, you should talk to an accountant, but one of the big advantages of incorporating is that you can buy things with pre-tax dollars from your corporation that you would otherwise buy with post-tax dollars. Unfortunately you're limited to doing this with reasonable business expenses.... in the case of a professional poker player this would definitely be stuff like books, computers, relevant software, etc... if you stretch maybe you can write off part of your rent/mortgage as a home office expense, etc... if you travel to play live tournaments then I'm guessing you could treat airfare and hotels this way.... so, the more I think about it, the more it seems to me as if it might be worth talking to an accountant about.
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