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Old 11-27-2005, 11:40 AM
ChrisMonkeymaker ChrisMonkeymaker is offline
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Join Date: Jun 2005
Location: Zzyzx
Posts: 24
Default Re: \"Foriegn Earned Income Credit NOT allowed for Pro Gamblers\"

Technically, if you play as a corporation the income will be that of the corporation not yours, because a corporation is a separate legal entity. You would only pay personal income tax on the salary that you choose to let your corporation pay you. And also on the dividends that you choose to let the corporation pay you (I don't know whether dividends are earned income or capital gains in this case). Any share of the profits that you choose to be retained by your corporation will belong to the corporation. Of course, it would have to pay taxes on the net profits AFTER EXPENSES like travel, food, equipment like computers and software, transportation, etc.

This is all explained in this book. But don't act on any of its advice without going to a CPA. Let the CPA guide you in doing things so that everything you do is perfectly legal and ethical, and customized to your own unique situation.

This assumes playing as a corporation is allowed, of course. If not,then this post is totally useless. I'm still waiting for someone (who has done it or knows someone who has done it) to tell whether this is allowed. I hope we can get a response in this thread.
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