Going Pro III

jwombles · #1 07-25-2005, 02:46 AM

Did I miss something or was there no mention of taxes in either article when trying to figure your monthly nut?

An example is given that if your monthly expenses are $2300 that you should really earn an additional 20 to 25% for incidentals, emergencies, and retirement, but nowhere is it mentioned that you must earn a great deal more than that if you plan on staying in good standing with the boys at the IRS.

I know tax laws vary from state to state, and I have read that there are strict definitions by the IRS of a Professional gambler that must be met, so I hope Mr. Miller plans on mentioning this aspect or editing the article to include the tax man. I would like to know approximately what to plan for as an additional amount to earn above and beyond expenses.

Wombles

Xhad · #2 07-25-2005, 11:15 AM

Look again. Ed mentioned taxes in both articles.

#3 07-25-2005, 12:13 PM

you should probably be making 3 times your monthly expense to be in good shape...considering emergencies and taxes!

Ed Miller · #4 07-27-2005, 09:05 PM

Hi,

I say to estimate 25% of your income to go to taxes.

Ed