Looking for a CPA who understands Gambling Taxes

[KaneKungFu123]

[ QUOTE ]
it's in the guide they sell

[/ QUOTE ]

do you own that guide? is it up to date? it looks like it was printed in the 70's. Hahahaha.

[fsuplayer]

why not just file it under gambling winnings, (not as a professional) and avoid the SE tax?

you cant deduct most things, but with the money you save not paying the SE tax, who cares?

[DcifrThs]

Roger from RBS is an expert in this area.

contact him through RBStax services. he's my accountant and id recommend him.

Barron

[amulet]

there is a tax lawyer in los angeles who represents several big time players, and used to or still represents the bike. i use him often, and always report my poker income. sidney machtinger, 310-201-7441, smachtinger@ggfirm. the firm has over 100 lawyers, and he is one of the names on the letterhead.

[ChrisMonkeymaker]

I believe that in Nevada you can. I don't know about other states. There is also no corporate tax in Nevada.

[ChrisMonkeymaker]

For indiviuals, I believe the marginal tax rate is 15% for the first 40k or so. Then any earnings above that the tax rate is 28%. If it is a corporation, the tax rate is 15% for the first 50k or so. Then it becomes 28% for any income above that.

So if you play as a corporation and make 90k, you can retain 50k as earnings for the corporation and pay yourself 40k in salary. You'll end up only paying 15% for the entire 90k. If on the other hand you do it as an individual, you'll owe 15% for the first 40k or so (after exemptions) but pay 28% on any income above that.

There will be no self-employment if you have a corporation. However, you have to personally contribute 7% for SS and medicare like all employees do (this is taken from the salary that you earn from the corporation). And the corporation pays 7% for you like all employers do. The advantage is that this 7% becomes a deductible business expense from the point of view of the corporation and will therefore lower the taxable income. We're talking C corporation not S corporation.

This would all be useless if you can't play poker as a corporation. Astroglide hasn't given any specific info about corporations for poker playing in his link.