does depositing $9900 to my check account seem fishy to the bank+gov?

[Cyndie]

Thank you, have been self-employed for most of thirty years. Have learned that the key to doing your own taxes is to look things up...IRS has actually made it easy to read instructions on all their forms online.

The other key is to have multiple business opportunities, because that allows more things to be legitimate business deductions. There are guidelines for what portions of things are deductible, but most travel for a poker player is legitimately deductible if you just do what comes naturally....stop by a casino when you see one...find the ATM...mark on it what game you played...If you really feel zealous, get a floor man to initial it. Just tell him you want his autograph...

The limitations for food are somewhat complicated, but most of us get comps anyway...or should, just be friendly, and be sure to ask what the policy is when you first walk in the door. Really aggravating to play for five hours and then find that all the comps were just given away...and you are too late!

If you have a newer car...actual costs may be higher than the mileage allowance, but if you have an older car, and maintain it very very well, you can find that you will make a lot of money driving to the regional casinos...For long trips, rent a car; it will be very easy to deduct those costs totally. Of course hotel and tips and parking and all the things that are needed for an extended trip to the casino...Fanny pack, mints, gum, everything that you use exclusively for a trip to the casino...specialized clothing that you only wear to play poker...vest with pockets, walking shoes that you need to traipse those long walks from the parking lots...Everything.

Do your taxes two ways, the first way is to deduct everything you possibly can, cable to your home...every kind of office supply, fax machine for those nasty driver's license faxes, newspaper, most of your phone, all your long distance calls, and your cell phone "If in doubt, Deduct!"

Then go back and deduct only the sure-fire minimum...if you have w-2 income, do it the 1040 and Schedule A method...then when you see how much Uncle Sam might want, start an IRA, and a SEP or a KEOGH, or whatever the acronym is for a savings plan that is non taxable if you make a lot, but be sure to check out the ROTH IRA's if you get your income down to a very little amount...this might happen if you drive a lot or buy a lot of computer equipement, or spemd some money doing a professional website. The ROTH IRA is one where you pay taxes on it now, and then you don't have to later. This can be wonderful if you are in your twenties and leave money to accumulate for 40 years and then have no tax liability on it.

Be absolutely certain to pay some social security taxes. The very best investment there is is to have 40 quarters of the lower end of the social security retirement plan. It is definitely subsidized by the corporate wonks who pay through the nose for their great careers. They easily pay $4,000 per year, and they only pay half of the bill for social security. If you get your taxes down to the $15,000 range, and have kids, you can easily get an earned income credit that pays your social security, with room left over. It is not hard to live a fine life on $15,000 taxable income per year, if your home is paid for and your car is paid for. I know, I have done it.

There is so much more to deduct...Web Cameras, digital cameras, camcorders, all sorts of equipment that can be used to make fine web pages. Television to watch the WPT, but remember you can only deduct the percentage of time that the equipment is used for business.

Make sure you have two computers...one for your family and one exclusively for poker. IRS used to be quite fussy about exclusive use of computers for business. However, the deductibility of your main piece of equipment that really needs updating regularly to take advantage of multiple screens and great video and tons of ram, will never be disallowed.

Adde was exactly right when he said...save the questionable amount so that you are not caught short if Uncle Sam audits you. And Please, Buy a home and fix it up and sell it every couple years and pocket the profit totally tax free!

[Your Mom]

Banks keep internal records of cash transactions over $3000. Banks must file a Currency Transaction Report (CTR) for cash transactions over $10,000. If a customer conducts cash transactions just under $10,000, this is called structuring. Banks will usually choose to file a Suspicious Activity Report (SAR) with the government if they suspect structuring. If you are depositing checks, banks may catch on and file a SAR, but if it is not very often, then I doubt your bank will notice. Reports aren't normally filed for deposited checks.

P.S. I work for one of the country's largest banks so I have some idea of what I am talking about.

[goodguy_1]

How about EFT's on a regular basis in smaller increments like $1K-$3K...how do banks treat these?

[Cyndie]

I have heard that there are red flags that get put on your tax returns if you have an offsore bank account...I believe you have to check a box somewhere and that supposedly makes you more likely for an audit...is this true?

Thank you for confirmation on the $3,000 threshold too

[soooted]

Open an online checking account with Netbank or E-Trade. These types of checking accounts have a lot more EFT's on a regular basis. For example, if I want to deposit $ to one of these accounts, instead of mailing in a check (which takes time to get there), I deposit it in my local bank and perform an online EFT xfer from my local bank to my 'net bank.

The online banks encourage use of EFT's so my theory is frequent EFT's from poker sites are more likely to go unnoticed.

[Your Mom]

I don't really know how banks handle EFT's. I'm only a teller so that sort of thing is done at a level higher than your local branch at a bigger bank like ours. I'll do some investigating.

[Wake up CALL]

[ QUOTE ]
Banks keep internal records of cash transactions over $3000. Banks must file a Currency Transaction Report (CTR) for cash transactions over $10,000. If a customer conducts cash transactions just under $10,000, this is called structuring. Banks will usually choose to file a Suspicious Activity Report (SAR) with the government if they suspect structuring. If you are depositing checks, banks may catch on and file a SAR, but if it is not very often, then I doubt your bank will notice. Reports aren't normally filed for deposited checks.

P.S. I work for one of the country's largest banks so I have some idea of what I am talking about.

[/ QUOTE ]

Below is a link to the FDIC regulations requiring a Suspicious Activity Report to be generated:

SAR

IRS and Money Laundering

IRS Gambling Income and Expenses

These links combined with the links contained within the IRS documents will answer any gambling related income/expense questions.