So I just lost 30K......

[Neurotoxin]

According my accountant, its not required unless youre filing as a pro.


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Why aren't you paying taxes quarterly as required?

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[Jonny]

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According my accountant, its not required unless youre filing as a pro.


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Which I am not.

[Ed Miller]

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According my accountant, its not required unless youre filing as a pro.


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Which I am not.

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Not to be a cheese, but you guys with 15k+ poker tax bills should really take the time to learn the tax codes. And I don't mean to find someone with CPA after their name and ask. I mean do independent research so YOU know what's up. It seems silly to me to learn to beat big poker games only to give it back at tax time through ignorance.

[lehighguy]

Brief Suggestions Please

[elena_elphie]

Whether you are filing as a pro is completely irrelevant, you will have to pay penalties if both:

a) you pay less than 90% of your total tax liability for the year through withholding or quarterly payments.

and

b) you pay less than 100% of your tax liability for last year through withholding or quarterly payments.

Actually its slightly more complicated than that, but that's the general idea, filing as a professional or not has nothing to do with it.

[J.R.]

"According my accountant, its not required unless youre filing as a pro."

get a new accountant

[Jeffage]

Your accountant is wrong. If you expect to owe more than $1000 on April 15, you will be penalized for not filing quarterly (there is a sort of grace period but consult your accountant on this). Anyway, anyone w/ non-W2 income that expects to owe more than a grand must file quarterly-otherwise, you're taking an interest free loan from the IRS.

Jeff

[Jonny]

How am I supposed to estimate quarterly payments when the variance is so high? For example, this quarter I am down. Secondly, I won pretty much all my money in the 3rd quarter. I never knew I would be making this kind of money back in March or April...

[NLfool]

well I'm kind of in the situation you are in. I got really bored of playing poker and didn't need the money. Well when I got bored I bet and lost a large amount betting sports and playing stupid games like no bust blackjack, pai gow etc in the pits here in LA.

Building back a bankroll was fairly easy. I too started back at the 400 NL and 5/10 limit. Though I would play any game that was good from NL200 to NL1000 and 5/10 to 20/40 limit. I actually played less hours because I'm already bored but my game selection was much better.

8k is plenty and the few hands that I have with you, on almost all the big pots you got the money in ahead.

good luck though

[punter11235]

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8k is plenty and the few hands that I have with you, on almost all the big pots you got the money in ahead.


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Yeah 8k should be good enough for good player to start at 400NL... dont try 1kNL though. I think I am down 5k in this game at least 3 times a week and I know what I am doing...
(also my playing bankroll is about 50k now and I still think that its not big enough for 2k...)

Best wishes