#1
|
|||
|
|||
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. |
#2
|
|||
|
|||
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. |
#3
|
|||
|
|||
Re: Looking for a CPA who understands Gambling Taxes
[ QUOTE ]
I am overseas and was planning to take the foriegn earned income exclusion [/ QUOTE ] The exclusion does not apply to gambling winnings. Vince |
#4
|
|||
|
|||
Re: Looking for a CPA who understands Gambling Taxes
[ QUOTE ]
If I start taking care of my parents, and neither of them is employed, can I start claiming them as dependents. [/ QUOTE ] If you provide more than half of their support you can claim them as dependents. Vince |
#5
|
|||
|
|||
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. |
#6
|
|||
|
|||
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. [/ QUOTE ] So over 50K in earnings is taxes at 15% tax rate plus 7% SE tax, that is also deductible? |
#7
|
|||
|
|||
Re: Looking for a CPA who understands Gambling Taxes
can one person own a corporation?
|
#8
|
|||
|
|||
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. |
#9
|
|||
|
|||
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. [/ QUOTE ] i have viewed this site before, but cant find where they shoot down the corporation idea. |
#10
|
|||
|
|||
Re: Looking for a CPA who understands Gambling Taxes
it's in the guide they sell
|
|
|