Taboo Question?
Taxes? How do you view most small stakes players deal with them? I have a fealing at least a lot (if not most) don't pay. How do you deal with them? For me, the tax man is the biggest killer of my bankroll. I have to do much better than breakeven to actually breakeven after factoring in taxes. The tax laws are pretty unfavorible (US anyway). I set aside 30% from my winning sessions, so that I will be able to pay fed and state taxes at end of year relating to my gambling income. My reasoning is that I am in about the 25% fed tax bracket and roughly 5% for state. I get little to no benefit of my losing sessions, as I usually take the standard deduction as apposed to itemizing deductions or claiming as if I were a pro on sched C. IMO removing 30% of all winning session from active bankroll would kill a breakeven player or slightly winning player. After the rake and the taxman gets done with me, I am surprised that I can still grow my role. How do you all (if you do) deal with this? Any thoughts?
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