Besides the Ethical Implications........ - Page 4

dogmeat · #31 08-19-2005, 11:35 PM

[ QUOTE ]
....What makes players claim all of their poker winnings?

[/ QUOTE ]

Not being a fkn deadbeat.

Supporting the country in which you live.

Not leaving the tax base to those of us that actually pay our taxes.

Building a credit history (by showing earned income) that can help you make substantial purchases in the future when you can't foot the entire bill yourself (read: cars, homes).

Avoiding the possible loss of future income and freedom by being jailed for tax fraud.

Avoiding penalties and interest for tax fraud.

Probably a few more, but deadbeats probably haven't read this far.......so why bother listing any more.

FWIW, yes, paying taxes hurts a little, but after doing a thorough job on your 1040, you probably will pay a lot less than you think. I've paid on my gaming winnings since 1984 (not every year, since I haven't always played for a living) and believe me, it ain't that bad. Besides, I've got great credit, and make more money by being able to borrow from a bank for real estate and business deals than I've ever paid in taxes. It's worth it.

Dogmeat [img]/images/graemlins/spade.gif[/img]

mscags · #32 08-20-2005, 12:54 AM

Out of curiosity, if I made say 30K, how much do you think I would pay in taxes? I have no idea, I'm not sure what the rate is.

amulet · #33 08-20-2005, 12:56 AM

you sign up for epassport at the cashout option on partypoker, or empire.

however, i'd advise declaring a percentage of your income. otherwise the irs will eventually find out - if your a long term winner and live a lifesytle that is different from what you declare. but an offshore visa like epassport gives you great options.

mscags · #34 08-20-2005, 01:05 AM

"i'd advise declaring a percentage of your income"

By percentage do you mean something like 25,50,75,90? If you don't want to answer it is fine. I don't want to be nosey.

Another question: Why are you safe with an offshore visa? Is it not possible for the IRS to monitor it?

StacysMom · #35 08-20-2005, 01:12 AM

I ahve not used e passport. But I do not believe any form of electronic money transfer is untraceable. I am sure they keep a record as to what payments they make, and this record is available at some level to the government. The only untraceable income is cash. If u wanna skip out on taxes I think the only safe way is to play B/m. And even then, you have to explain how you live the lifestyle that you do...

It used to piss me off to pay taxes. It doesnt bother me as much now as I think of poker as income, and rakeback as a tool to subsidise taxes. While there is no legal implications with this line of thought, it just makes me feel better about paying taxes.

dogmeat · #36 08-20-2005, 01:34 AM

If you are single, and earn between $7,300 and $29,700, the 2005 standard tax is $730 plus 15% of anything over $7,300. If you earn $30,000 - your tax due will be $4,165.

The above assumes zero deductions. You have at least your self, which will reduce your "earned income" due in taxes by close to $4,000 (meaning you have $26,000 to pay taxes on). If you itemize, you will reduce this further. If you claim your poker income on schedule C, you should be able to deduct things like your automobile expenses, computer, internet fees, bank/neteller fees and many more.

In the long run, it is best to pay a fair amount in taxes; sleep well, and provide yourself and your country with a nice future.

Dogmeat [img]/images/graemlins/spade.gif[/img]

mscags · #37 08-20-2005, 01:49 AM

That really isn't that bad at all. I thought you had to pay something like 30-35% on your winnings. Doing the way you said, it wouldn't be to bad. Thanks for the help.

Scags

RainDog · #38 08-20-2005, 06:09 AM

If the EPassporte is a VISA card, then no transactions are safe. Even if EPassporte keeps information discreet, the IRS can and has in the past recieved court summons forcing VISA international to disclose all transactions.

Also, the IRS is managing to economically force many offshore banks into compliance through its "Qualified Intermediary" program. Google it. They are able to make cooperating banks more competitive, thus severely injuring those who don't participate in the program. The Bahamas and many other tax havens have already given in to this pressure.

I don't completely understand all the implications in recent tax law changes in regard to offshore banking and if someone could explain in detail it would be appreciated.

FWIW, if I could get away with stashing some money away tax free in a high interest offshore account. I'd certainly be moving at least 50% of my earnings over. Sorry all you righteous do-gooders, that's just me. Libertarian at heart here. So if anyone has any more insight as to truely discreet offshore accounts that are likely to remain so, deposit minimums, deposit methods, and how to remain discreet in regards to all records and paper trails, by all means, please let me know.

dibbs · #39 08-20-2005, 06:42 AM

I cant tell if youre being serious or not.

RainDog · #40 08-20-2005, 07:14 AM

And I don't know if you're ready to bludgeon me with a hammer if I'm serious, or lovingly stake my residency in St. Martin. Actually, I'm serious. I see the possiblility of appearing sarcastic, but that's simply not the case.