More boring tax questions

[ginko]

Does anyone know kind of fines they give you for not paying quarterly?

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WoW!!! Chadt74, are you being serious or was that some kind of sarcastic reply???
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[TheMetetron]

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Does anyone know kind of fines they give you for not paying quarterly?

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You have to pay a certain % on top of what you already owe. It's not huge and it depends on what you made last year if you will even owe quarterly taxes.

You do owe taxes on your winnings though and it won't be 28%, unless you have another job. You have to take into account your personal exemption, standard deduction, and lower tax percentages on the first X you earn.

If you don't have another job, you really need to file as a professional. It will add 15% to your tax bill up to your first 90k in income, however (2% after that).

[ginko]

Hey! An informative response!! Is there light at the end of my gloomy tunnel?

My GF's grandma says I can deduct living expenses such as food/rent/cable internet/computers/clothes. Is this true? I also support two adults, does this mean anything?

Thanks for your time !

[cardcounter0]

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My GF's grandma says I can deduct living expenses such as food/rent/cable internet/computers/clothes. Is this true? I also support two adults, does this mean anything?


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Absolutely! It means unless Grandma is a CPA, you should spend a couple of hundred on a tax professional, and save Thousands!
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I can deduct living expenses such as food/rent/cable internet/computers/clothes

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Here are some hints, but again, GET A CPA!

food: deductible if it is some special food you have to eat in order to be able to play poker, or in other words, NO.

rent: deductible if it is some special place that you use to only play poker in, or in other words, NOT THE APARTMENT YOU ARE LIVING IN.

cable internet: You can deduct a portion of this, but cannot deduct the time you spend surfing internet porn.

computers: You can deduct a portion of this, but cannot deduct the portion of the computer used to store all the internet porn.

clothes: You can only deduct the special "I only wear it to play poker and can't play in anything else and never wear it any other time" clothes.

Did I remember to tell you to get a CPA?

[BigBiceps]

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I'm very scared now. I don't know what I'm going to do.

I've made 35k so far. I only have 17k left. I'm supposed to pay quarterly. If I went to pay my tax's today, my bankroll would be demolished. Leaving me with what, 7k?

Tax's are due in april which is 5 months, which means I've already missed 2 quarters. Which means I already have to pay fines because I havnt payed up.

WOW.

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As long as you have already paid at least (3/4*90% = 68% in a timely fashion) or 90% annually of what you had paid in the previous year (2004) there will be no penalty.

[TheMetetron]

[ QUOTE ]
Hey! An informative response!! Is there light at the end of my gloomy tunnel?

My GF's grandma says I can deduct living expenses such as food/rent/cable internet/computers/clothes. Is this true? I also support two adults, does this mean anything?

Thanks for your time !

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You may be able to file as head-of-household, but I think they may need to be dependents. You have to check the IRS website for that. This would lower your tax brackets.

If you file as a pro you can deduct your computer costs, a portion of rent / utilities (sq. footage of office / sq. footage of house). Your food, clothes, and cable are not deductable.

If you travel for poker, you may be able to deduct these expenses, however.