Turning Pro

[thomastem]

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have you been working on an affiliate business? and i dont mean just rakeback.

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Yes I have started on the affiliate end. I was probably one of the first to be affiliated with True Poker.

On the business end I've also kicked around the idea of a raked home game but haven't had the time needed to properly get one started.

Any suggestions on the business end of poker are welcome.

[dengar]

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I plan to save as much as I can and get back into real estate on the investment side once this poker boom has subsided.

Wish me luck lol

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Good Luck. I basically plan on the doing the same thing. I graduate college in 5 weeks and I plan on getting a job out of school and saving as much money as possible and try to use my poker winnings as my disposable income.

Then I would like to invest in real estate and rental properties.

[waffle]

is the following correct?

if one plays professionally in the united states, one must pay ~25-27% in federal income tax, and about 15% in self-employment tax. this means, of my original income, i get to keep about 60%. is this right?

[SinCityGuy]

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is the following correct?

if one plays professionally in the united states, one must pay ~25-27% in federal income tax, and about 15% in self-employment tax. this means, of my original income, i get to keep about 60%. is this right?

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You can write off half (7.5%) of the SE tax as an itemized deduction. Also, if you're taking advantage of all of your allowed deductions (like expenses, IRA's, uni-401K plans, etc.), you're going to keep a lot more than 60% of your gross income.

[TStoneMBD]

what about state income tax, social security and the other bs expenses?

[waffle]

I live in Texas, which has no state income tax.

As I understand it, "Self-Employment Tax" is a codeword for social security tax and medicare.

Health Insurance falls into "other BS", but it's a steady cost, not a percentage.

Pros, please tell me how much of your income you are actually keeping!

[SinCityGuy]

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Pros, please tell me how much of your income you are actually keeping!

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73% for me, but I took advantage of every deduction that was available.