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Old 02-23-2013, 09:54 PM   #4151
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re: Winrates, bankrolls, and finances

Sigh another situation
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Old 02-23-2013, 10:53 PM   #4152
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re: Winrates, bankrolls, and finances

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Originally Posted by AcePlayerDeluxe View Post
Please ignore any tax "advice" ILCD is giving. Committing tax fraud is not suggested. ILCD please stop posting your advice. If you don't want to pay taxes then don't. Please don't tell others to do it.
I'm gone for 1 day and you're already ignoring my advice.
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Old 02-24-2013, 01:29 AM   #4153
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If you don't play taxes, posting that you don't pay taxes on a public forum probally isn't the best idea.
You still probally won't get caught, but why increase the odds.
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Old 02-24-2013, 03:22 AM   #4154
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re: Winrates, bankrolls, and finances

Because he is a fool. He should be banned for advising others to commit a felony. Please mods do the community a favor and perma ban him. This advice is horrific
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Old 02-24-2013, 03:38 AM   #4155
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Because he is a fool. He should be banned for advising others to commit a felony. Please mods do the community a favor and perma ban him. This advice is horrific
Agreed.
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Old 02-24-2013, 06:18 AM   #4156
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re: Winrates, bankrolls, and finances

i'm not gonna lie, reading about paying taxes is giving me future anxiety
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Old 02-24-2013, 11:48 AM   #4157
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re: Winrates, bankrolls, and finances

it is not a felony to not pay your taxes
it is a felony to lie on your tax form

Im pretty sure Im spot on, and will maintain that position until shown otherwise.

there is no debtor jail in america
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Old 02-24-2013, 11:56 AM   #4158
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re: Winrates, bankrolls, and finances

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it is not a felony to not pay your taxes
it is a felony to lie on your tax form

Im pretty sure Im spot on, and will maintain that position until shown otherwise.

there is no debtor jail in america
Evading taxes is a felony. Not filing a return is a misdemeanor and could lead to a year in jail.


Tax Evasion

Tax evasion is the broad term to describe cheating on your taxes in various ways. Cheating on your taxes is a felony act. Punishment for tax evasion, which includes not paying your taxes, can result in you spending up to five years in a federal prison. The federal government can also require you to pay fines of up to $250,000 for an individual and $500,000 for businesses.

Filing False Returns

The second primary law for not paying your taxes is when you purposely file false or inaccurate tax returns. This can include purposely using misleading or incorrect information. The filing of false tax returns is a felony. The crime of filing a false tax return can carry both a monetary and prison time punishment. Knowingly filing false returns can land you in a federal prison for up to three years, and requires individuals to pay fines of up to $250,000 and businesses to pay fines of up to $500,000.

Not Filing Taxes

The third law that applies to not filing tax returns at all is a misdemeanor rather than a felony. Since not filing a tax return is the least serious of the three crimes, it also carries the least in punishments. If you do not file a tax return, you may spend up to one year in prison or pay fines of up to $100,000. Businesses may pay fines of up to $200,000. In addition, you must pay all of the taxes you owe.

http://smallbusiness.chron.com/feder...axes-4992.html
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Old 02-24-2013, 12:10 PM   #4159
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re: Winrates, bankrolls, and finances

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Originally Posted by dhcg86 View Post
it is not a felony to not pay your taxes
it is a felony to lie on your tax form

Im pretty sure Im spot on, and will maintain that position until shown otherwise.

there is no debtor jail in america
lol thanks bye.
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Old 02-24-2013, 12:26 PM   #4160
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re: Winrates, bankrolls, and finances

Seems like a lot of semantics. Im not sure if either is a felony but if your choice is to file and then not be able to pay or to just not file... you should obviously file.
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Old 02-24-2013, 12:38 PM   #4161
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re: Winrates, bankrolls, and finances

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lol thanks bye.
you offer so much to the conversation. I see you know exactly what youre talking about

Like I said, if someone can show me the law that says you will go to jail for not paying your taxes then I will change my position.

If I am wrong Im fairly confident that the IRS has to prove that you were able to pay your taxes and that you intentionally did not.

You can however not pay taxes and have all your property and what not seized by the IRS, but if you have no property, then there isnt much to seize now is there?

one of the main benefits of paying income tax is that after a few years (3 I think) you can use the income reported as income on loans and what not, which will basically help you more than it will hurt you, providing you invest and manage money well

Last edited by dhcg86; 02-24-2013 at 12:44 PM.
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Old 02-24-2013, 12:40 PM   #4162
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re: Winrates, bankrolls, and finances

why bother seriously with an obvious troll?
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Old 02-24-2013, 12:49 PM   #4163
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re: Winrates, bankrolls, and finances

Are you trolling? Because I certainly am not

I was THIS close to becoming a CPA, my uncle is a CPA, as is my cousin. I was offered a job a Deloitte and Touche in 08 but decided to **** around and do other things.

What about you?
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Old 02-24-2013, 12:52 PM   #4164
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re: Winrates, bankrolls, and finances

At the risk of taking you seriously, what are you trying to contribute to this discussion? Because ilcd has been talking about not reporting winnings as income, and you're here talking about what is a felony and what isn't like you think what ilcd is suggesting is not committing a felony.
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Old 02-24-2013, 12:57 PM   #4165
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Im educating an uneducated population

dont file tax return= illegal and usually charged as tax fraud. Think Al Capone

file tax return but dont pay balance= not criminally illegal (AFAIK) but all of your assets are subject to seizure

file tax return and lie about income (ILCD way)= big mistake and if caught you will likely just have to amend your taxes and get hit with hella fees. Worst case you go to jail and ****

file tax return and keep everything kosher= think Phil Hellmuth. Now you can use poker as income and get loans and **** IRL and further build wealth. Sure youre paying alot, but there are upsides. Also Ikestoys wont hate you
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Old 02-24-2013, 02:06 PM   #4166
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re: Winrates, bankrolls, and finances

if you play professionally you should 100% file your taxes
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Old 02-24-2013, 02:38 PM   #4167
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by dhcg86 View Post
Im educating an uneducated population

dont file tax return= illegal and usually charged as tax fraud. Think Al Capone

file tax return but dont pay balance= not criminally illegal (AFAIK) but all of your assets are subject to seizure

file tax return and lie about income (ILCD way)= big mistake and if caught you will likely just have to amend your taxes and get hit with hella fees. Worst case you go to jail and ****

file tax return and keep everything kosher= think Phil Hellmuth. Now you can use poker as income and get loans and **** IRL and further build wealth. Sure youre paying alot, but there are upsides. Also Ikestoys wont hate you
This is all correct.

Option 4 is clearly only sensible option.

Misunderstanding avoided if this is your first post in the subject, rather than your 3rd. <shrug>
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Old 02-24-2013, 02:49 PM   #4168
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re: Winrates, bankrolls, and finances

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one of the main benefits of paying income tax is that after a few years (3 I think) you can use the income reported as income on loans and what not, which will basically help you more than it will hurt you, providing you invest and manage money well
A lot of lenders ask for 2 years of tax return to evaluate risk, but we're talking about mostly small business loans.

As a professional poker player, you will probably have to show a lot more than 2 year tax return to get a decent loan. I am guessing 3-4 years of tax return and 6 - 12 months bank statements and other asset statements.

This scenario is more than likely a case-by-case situation determined by underwriter(s).
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Old 02-24-2013, 03:38 PM   #4169
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re: Winrates, bankrolls, and finances

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Originally Posted by fogodchao View Post
i'm not gonna lie, reading about paying taxes is giving me future anxiety
Don't worry. But do pay your taxes.

Your odds of being audited are quite low unless you have a complex return, lots of income, or you do something stupid like file a return without claiming a source of income that was disclosed by someone else to the government (I.e. you didn't put a 1099 on your return.)

And they aren't likely to go to town on you if you can prove you've been reasonably honest. Like, they aren't in the business of making your life hell if you aren't doing anything crazy.
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Old 02-24-2013, 03:41 PM   #4170
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re: Winrates, bankrolls, and finances

Quote:
Originally Posted by dhcg86 View Post
Im educating an uneducated population

dont file tax return= illegal and usually charged as tax fraud. Think Al Capone

file tax return but dont pay balance= not criminally illegal (AFAIK) but all of your assets are subject to seizure

file tax return and lie about income (ILCD way)= big mistake and if caught you will likely just have to amend your taxes and get hit with hella fees. Worst case you go to jail and ****

file tax return and keep everything kosher= think Phil Hellmuth. Now you can use poker as income and get loans and **** IRL and further build wealth. Sure youre paying alot, but there are upsides. Also Ikestoys wont hate you
This is a good post. One thing to add about option 2: they are rather aggressive about getting paid, and tax liability is generally not wiped out in a personal bankruptcy. Getting way in the hole to the government is a terrible idea.
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Old 02-24-2013, 03:42 PM   #4171
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re: Winrates, bankrolls, and finances

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Originally Posted by Richard Parker View Post
A lot of lenders ask for 2 years of tax return to evaluate risk, but we're talking about mostly small business loans.

As a professional poker player, you will probably have to show a lot more than 2 year tax return to get a decent loan. I am guessing 3-4 years of tax return and 6 - 12 months bank statements and other asset statements.

This scenario is more than likely a case-by-case situation determined by underwriter(s).
Also having other sources of credit you pay off regularly (like a credit card or a car loan) will help show your dependability and help your credit rating.
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Old 02-24-2013, 03:58 PM   #4172
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re: Winrates, bankrolls, and finances

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Originally Posted by The Rumor View Post
This is a good post. One thing to add about option 2: they are rather aggressive about getting paid, and tax liability is generally not wiped out in a personal bankruptcy. Getting way in the hole to the government is a terrible idea.
it has a ten year statute of limitations. the IRS can petition at the ten year mark to have it extended to 20 years.

Thankfully for a family member of mine who owed 100k+, they didnt
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Old 02-24-2013, 04:27 PM   #4173
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re: Winrates, bankrolls, and finances

Lol at paying taxes at 1/2. Between rake, topping, expenses, and taxes it will hardly be beatable.
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Old 02-24-2013, 05:18 PM   #4174
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re: Winrates, bankrolls, and finances

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Lol at paying taxes at 1/2. Between rake, topping, expenses, and taxes it will hardly be beatable.
"Hardly" does not imply < 0. You still owe taxes. Playing poker does not magically make you immune from your legal obligation to pay.
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Old 02-24-2013, 07:15 PM   #4175
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re: Winrates, bankrolls, and finances

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Originally Posted by The Rumor View Post
"Hardly" does not imply < 0. You still owe taxes. Playing poker does not magically make you immune from your legal obligation to pay.
True, I don't advise against it. But skim a little off the top for yourself ...
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