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#1
11-24-2005, 08:13 PM
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Re: Setting up a Corporation for your gambling business
Downsides:
-Incorporation fees ~ few hundred / year depending on the state -Self Employment Tax (HUGE) adds about 15% ON TOP OF your income tax. -More likely to get audited. You have to be making more playing poker than any other job you have. Upsides: -Keep your standard deduction if you were using that (+~$1000). -Deduct "Business Expenses". I think you should incorporate if you make more than $80k / Year on poker, and you have like $30k / year in business expenses (travel, computers, accountant, NOT ENTRY FEES). 
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#2
11-24-2005, 08:17 PM
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Re: Setting up a Corporation for your gambling business
[ QUOTE ]
I think you should incorporate if you make more than $80k / Year on poker, and you have like $30k / year in business expenses (travel, computers, accountant, NOT ENTRY FEES). [/ QUOTE ] Sorry but that is awful advice. The only reason to ever incorporate as an individual is to insulate yourself from personal liability
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#3
11-24-2005, 08:20 PM
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Re: Setting up a Corporation for your gambling business
Sorry, but you're wrong. You can't deduct all of those computer screens and other things you buy for poker unless you file as a professional gambler, incorporated and use a schedule C.
Other reasons you might want to incorporate is if you have funny backing deals where you want to sell shares of yourself. There are lots of reasons to incorporate, and liability is not the primary motive to incorporate for most gamblers. [ QUOTE ] [ QUOTE ] I think you should incorporate if you make more than $80k / Year on poker, and you have like $30k / year in business expenses (travel, computers, accountant, NOT ENTRY FEES). [/ QUOTE ] Sorry but that is awful advice. The only reason to ever incorporate as an individual is to insulate yourself from personal liability [/ QUOTE ]
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#4
11-24-2005, 08:26 PM
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Re: Setting up a Corporation for your gambling business
[ QUOTE ]
Sorry, but you're wrong. You can't deduct all of those computer screens and other things you buy for poker unless you file as a professional gambler, incorporated and use a schedule C. [/ QUOTE ] I'll be nice to you since it is a holiday. Filing Schedule C has nothing to do with being incorporated. It only means you are operating a (for profit) business. Please look it up before posting in this thread again. Edited: I made it easier for you look at this IRS Schedule C Introduction Jimbo
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