Just got off the phone with my new CPA...

[signal]

Hi MrMoo,

Of course if everything goes well I will PM you with the info. Maybe we can get a 2+2 group discount.... [img]/images/graemlins/grin.gif[/img]

[signal]

Sorry if I was unclear:

I meant that he said that the total taxes to pay would be 50% of the total won, not that only the first 50% of the winnings are taxed.

i.e. won 150,000 pay 75,000 in taxes

And he said that would be worst case if you won a lot.

I think he was just trying to give me an upper bound. But he said 30% was more likely the number. Of course these are rough estimates. It seems a more thorough analysis is needed to get the exact percentage of the winnings which should be payed as taxes.

[MicroBob]

but 50% is so insanely high...that's what caught my attention.


also - if he doesn't talk in terms of deductions that you could/shoulud be making then you should probbly go somewhere else.