Two Plus Two Older Archives  

Go Back   Two Plus Two Older Archives > 2+2 Communities > Other Other Topics

Reply
 
Thread Tools Display Modes
  #1  
Old 10-12-2005, 11:01 PM
captZEEbo1 captZEEbo1 is offline
Senior Member
 
Join Date: Sep 2004
Posts: 264
Default I need a plan to avoid paying taxes in full.

Sorry if wrong forum.

I don't own property or a business. I made a lot of $ from poker this year. Is there stuff you can do to get a big tax break? Like if I bought a business (McDonalds or something), would all the money I earned not really count as being earned? Or if I bought a house would I get a huge tax break? I don't really have any comprehension of how this works, but is there any kind of investments I could do where I wouldn't have to pay taxes on ALL my earnings?
Reply With Quote
  #2  
Old 10-12-2005, 11:02 PM
kenberman kenberman is offline
Junior Member
 
Join Date: Dec 2003
Posts: 1
Default Re: I need a plan to avoid paying taxes in full.

[ QUOTE ]
Sorry if wrong forum.

I don't own property or a business. I made a lot of $ from poker this year. Is there stuff you can do to get a big tax break? Like if I bought a business (McDonalds or something), would all the money I earned not really count as being earned? Or if I bought a house would I get a huge tax break? I don't really have any comprehension of how this works, but is there any kind of investments I could do where I wouldn't have to pay taxes on ALL my earnings?

[/ QUOTE ]

talk to a cpa
Reply With Quote
  #3  
Old 10-12-2005, 11:03 PM
PoBoy321 PoBoy321 is offline
Senior Member
 
Join Date: Aug 2004
Posts: 396
Default Re: I need a plan to avoid paying taxes in full.

I had a neighbor who used to make a lot of money gambling. It was how he paid for his sept-annual cruises to Bermuda. To avoid paying taxes, he used to go to the track and collect losing tickets. He took those tickets, claimed them as gambling losses and didn't have to pay taxes on the money he had won gambling because apparently you can deduct gambling losses from gambling winnings.
Reply With Quote
  #4  
Old 10-12-2005, 11:05 PM
InchoateHand InchoateHand is offline
Senior Member
 
Join Date: Jul 2004
Location: Awake, goddamnit, awake.
Posts: 636
Default Re: I need a plan to avoid paying taxes in full.

Yeah, you can reduce your tax liability to zero by making 4 quarterly estimated payments a year.
Reply With Quote
  #5  
Old 10-12-2005, 11:07 PM
theghost theghost is offline
Junior Member
 
Join Date: Apr 2004
Location: Albany, NY
Posts: 2
Default Re: I need a plan to avoid paying taxes in full.

The IRS is pretty skeptical about losing lottery tickets or stubs from the track; I don't think this is the way to go. (Of course you're fine until the audit...then one of the tickets has a footprint on it.)

They're not retarded.
Reply With Quote
  #6  
Old 10-12-2005, 11:07 PM
bobman0330 bobman0330 is offline
Member
 
Join Date: Aug 2004
Posts: 52
Default Re: I need a plan to avoid paying taxes in full.

[ QUOTE ]
Tax fraud.

[/ QUOTE ]

FYP
Reply With Quote
  #7  
Old 10-12-2005, 11:08 PM
DMBFan23 DMBFan23 is offline
Senior Member
 
Join Date: Jun 2004
Location: I don\'t want a large Farva
Posts: 417
Default Re: I need a plan to avoid paying taxes in full.

"What a bunch of nerds we are, we're looking up money laundering in a dictionary"
Reply With Quote
  #8  
Old 10-12-2005, 11:08 PM
DrunkIrish05 DrunkIrish05 is offline
Member
 
Join Date: Sep 2004
Posts: 75
Default Re: I need a plan to avoid paying taxes in full.

[ QUOTE ]
[ QUOTE ]
Sorry if wrong forum.

I don't own property or a business. I made a lot of $ from poker this year. Is there stuff you can do to get a big tax break? Like if I bought a business (McDonalds or something), would all the money I earned not really count as being earned? Or if I bought a house would I get a huge tax break? I don't really have any comprehension of how this works, but is there any kind of investments I could do where I wouldn't have to pay taxes on ALL my earnings?

[/ QUOTE ]

talk to a cpa

[/ QUOTE ]

this won't necessarily help, cpa's can do tons of different things, you need some kind of personal tax advisro
Reply With Quote
  #9  
Old 10-12-2005, 11:11 PM
captZEEbo1 captZEEbo1 is offline
Senior Member
 
Join Date: Sep 2004
Posts: 264
Default Re: I need a plan to avoid paying taxes in full.

I guess I should add that I'm looking for a legal way to do it [img]/images/graemlins/smile.gif[/img]

Does buying a house get you tax breaks or am I way off here?
Reply With Quote
  #10  
Old 10-12-2005, 11:11 PM
PoBoy321 PoBoy321 is offline
Senior Member
 
Join Date: Aug 2004
Posts: 396
Default Re: I need a plan to avoid paying taxes in full.

[ QUOTE ]
[ QUOTE ]
Tax fraud.

[/ QUOTE ]
FYP

[/ QUOTE ]

Yeah, it probably was, I have no idea what the laws are, or, for that matter, if he actually did it.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 11:03 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.