Know any Chicago Accountants?

[k_squared]

I am looking for an accountant who can handle tax questions, and potentially preparing my taxes. The issue is of course that 50% of my income comes from poker earnings. I want someone who will be able to guide me through this complicated process so that I know what my obligations are.

Secondly, what is a good estimate of the percentage of your winnings that will be taxable?

-THanks,
k_squared

[Pylos]

This was an interresting article I read in cardplayer a while back. It talks about how Baxter fought the IRS to make poker an earned income rather than paying 50% or more on "won income."

Billy Baxter — The Man Who Made a Difference - He went heads up against the IRS — and won

[tribefan9]

If you end up finding a good one, please let me know.

[k_squared]

*bump

I am looking for any advice on accountants in the Chicago area who can handle this type of situation...

Is there a better place to post this question on the forum?

-k_squared

[SheetWise]

[ QUOTE ]
I want someone who will be able to guide me through this complicated process so that I know what my obligations are.

Secondly, what is a good estimate of the percentage of your winnings that will be taxable?

[/ QUOTE ]

You're a self employed businessman. If you want to be fair and honest, just calculate your net (gross earnings less qualifying expenses) and declare that. If you declare gross and then itemize, don't count on the IRS being fair and/or honest. You should be paying quarterly, and you don't need to disclose the source of your income -- just call it miscellaneous earnings.

Getting an accountant is a lot like getting an attorney -- you need two. One to ask stupid questions and find out what's legal, and the other to not ask stupid questions of so they can ethically do what you "tell" them to.

[nmt09]

That's why I love the UK tax laws...

Unless I'm considered a professional gambler non of my poker winnings can be taxed - even if I win $1,000,000

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