oh, i dunno. i'm just throwing things out there that i deducted.

you call yourselves professional gamblers and you have health insurance? weak

havent had health insurance in a long time. this is a huge huge mistake and I would advise HEAVILY against this.

i just tell my body not to get sick and it doesnt. mind over body imo

two big things you forgot about filing as a "pro" are:
* you can set up your own retirement plan (so you can contribute waaay more than the standard IRA limits) TAX-FREE.
* you theoretically are contributing to your own Social Security benefits. I say "theoretically" because allegedly there will be no money when you guys retire.

gotoharrahs the "pro" be filin but the premisscio be evadin and smilin jeje

i'm assuming you know this but just to be clear the value of a deduction is typically [expense amount * marginal tax rate] so saying "oh i wrote off 5k in STUFF and only had to pay 4k in self employment tax" doesn't really mean anything since your tax savings were [5k * marginal tax rate], not [5k].

Would recommend

even if I was overly generous in these deductions, it wouldn't even come close to the pool of anal blood employment tax leaves

You probably win more than me.

even if you only make 100k, you pay 14.2k in self-employment tax alone, can't imagine ever coming close to that in deductions

hmm ok I guess it's close, but I think I had something like 20k in flights alone last year.

Hey atleast self employment tax will pay you benefits when you get old. Obama says so.

All this tax talk while my w2 from this weekend sits in front of me reading $17k+ in taxes owed is really hurting my head.... Or was this just an excuse for a sick brag...

Sick score, congrats! Although hurts when I see the skype convo where I said I'd take 10% if you sold action...

so you made 60ish

Just wanted to say Disco is the ****ing man. Stepped up for me today and def. helped me out when I wasn't really aware of what I was getting myself into. Really swell guy imo.

Just remember for wsop time haha. Not planning to do that on my own just yet.

which agency did he recommend?

or taxes?

or both? deductions from aforementioned purchase?

meh, making 100k means you have 65ish in your pocket, which is why I'm still of the opinion that you shouldn't be playing professionally unless you make ~100k+/year or so, otherwise your time is probably better spent pursuing school/career

I'm still not totally comfortable with it which is why I'm pursuing other avenues of income and considering going back to lawl school

careers are boring and entail having a boss and an alarm clock which are my two least favorite things. id rather be here grinding even if i'm only pulling $25/hr

you guys under estimate how hard it is to make 100k in a year in the irl, or 60k+ fixed salary.

yeah but RAW, there are ways to diversify so that even if poker leaves, you still don't have to do that stuff.

I realize poker can GIVE you the means to do so, but so can real life work/careers. Maybe I am just a big nit but with what I've been through I can say whole-heartedly that undermining your education is a big no-no.

I am conitnuing mine and finishing it and I hopefully will be on a much better path.

I hope one day it gives me my means to diversify.

there is something interesting to me about having an undergrad degree from a UC with a ~2.0 and still trying to get another Bachelor's Degree from a state school so I don't look like a total fool when I decide what to do with my life post grad. Bad idea or no? The money says "YES BAD IDEA" but who doesn't have debt when they are done with school? Going to have close to 200k~ in debt when I graduate law school.

inb4lolatthisguy

The problem is if you aren't making a lot, you may be satisfied just making 40-80k/yr or whatever for now, but that isn't going to allow you to retire early and the thought of 'grinding' in your 30's/40's/50's/60's seems ridiculous.

Also, most poker players are terrible with money, no clue how to save/invest