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Old 05-03-2016, 08:39 AM   #14451
DeathCabForTootie
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re: Winrates, bankrolls, and finances

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Originally Posted by spikeraw22 View Post
I now have 7.5BI. Advice on how/when to go pro?
you've got a bigger bankroll than most lol live pros, so......nowish?
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Old 05-03-2016, 09:07 AM   #14452
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yes you do. but i'm saying you're kinda cherry picking considering FL and NV aren't the only states a person can play professionally.. and there are only 4 other states that don't have state income tax.


There are actually 5 other states without any income tax (7 total)

1: FL
2: NV

3: Alaska
4: South Dakota
5: Texas
6: Washington
7: Wyoming

And 2 additional states that only tax dividends and interest income

8: New Hampshire
9: Tennessee
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Old 05-03-2016, 09:13 AM   #14453
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Ironically enough, you cant legally play Texas Hold Em in Texas. At least not with a rake.
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Old 05-03-2016, 09:26 AM   #14454
suited fours
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re: Winrates, bankrolls, and finances

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Originally Posted by spikeraw22 View Post
I now have 7.5BI. Advice on how/when to go pro?
With reckless abandon
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Old 05-03-2016, 12:06 PM   #14455
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Originally Posted by spikeraw22 View Post
I now have 7.5BI. Advice on how/when to go pro?
yolo, bro
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Old 05-03-2016, 02:03 PM   #14456
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Originally Posted by johnny_on_the_spot View Post
There are actually 5 other states without any income tax (7 total)

1: FL
2: NV

3: Alaska
4: South Dakota
5: Texas
6: Washington
7: Wyoming

And 2 additional states that only tax dividends and interest income

8: New Hampshire
9: Tennessee
I missed one state. Thank you. What about the other 43 (or 41 if we include NH and TN). 41:9. Cherry picking like I said.
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Old 05-03-2016, 02:30 PM   #14457
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Can you guys please explain the tax situation for Florida poker pros? I'm a tax noob and just want to make sure I'm doing things correctly. Are you guys saying I don't pay taxes on my income from poker? What about promotions where they take ur SS number and everything for tax reasons.. please help

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Old 05-03-2016, 02:43 PM   #14458
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Originally Posted by bwslim69 View Post
Someone said working 2k hours per year in poker and making $50/hour was comparable to making $50k a year. I disagree on a $$ and cents basis and just provided background.

But yeah when my clients come to me thinking about going alone or whatever they generally are thinking about comparable incomes.
To make $100k or $67k a year you need to have a $20k roll and pay $20k in taxes. So really you need a $40k roll. Also wondering who here has ever made over $100k in a calendar year, while paying taxes? Having a $40k roll requirement for poker vs not having one for the $50k job is an important consideration

Throw in another $20k for six months of life expenses

Last edited by VolumeKing; 05-03-2016 at 02:50 PM.
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Old 05-03-2016, 02:47 PM   #14459
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Quote:
Originally Posted by tytythefly View Post
Can you guys please explain the tax situation for Florida poker pros? I'm a tax noob and just want to make sure I'm doing things correctly. Are you guys saying I don't pay taxes on my income from poker? What about promotions where they take ur SS number and everything for tax reasons.. please help

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FL has no state income tax. Still pay Fed Tax. And yes all of the items you describe are taxable items
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Old 05-03-2016, 02:49 PM   #14460
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Originally Posted by tytythefly View Post
Can you guys please explain the tax situation for Florida poker pros? I'm a tax noob and just want to make sure I'm doing things correctly. Are you guys saying I don't pay taxes on my income from poker? What about promotions where they take ur SS number and everything for tax reasons.. please help

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Your AGI is 75k. If you live in a state without income tax you don't pay state of Florida any income tax. If your state has an income tax, let's say 10%, then you owe them $7500. You still owe your federal taxes of around 25%.

Can anyone comment on opening an S corporation and not taking your profit out of the company? This is one way to lower federal tax liability according to Google
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Old 05-03-2016, 02:57 PM   #14461
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Your AGI is 75k. If you live in a state without income tax you don't pay state of Florida any income tax. If your state has an income tax, let's say 10%, then you owe them $7500. You still owe your federal taxes of around 25%.

Can anyone comment on opening an S corporation and not taking your profit out of the company? This is one way to lower federal tax liability according to Google
S Corp income is not subject to SE tax but the shareholder is still subject to all the other taxes. But since you are not engaged in a business as the S Corp you would never win this case against the IRS. (ie more or less that there is no business purpose for the S Corp). There are also some administrative costs that are required for an S Corp that aren't generally present for a personal return.
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Old 05-03-2016, 03:08 PM   #14462
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S Corp income is not subject to SE tax but the shareholder is still subject to all the other taxes. But since you are not engaged in a business as the S Corp you would never win this case against the IRS. (ie more or less that there is no business purpose for the S Corp). There are also some administrative costs that are required for an S Corp that aren't generally present for a personal return.
So you're saying you cannot use an S Corp as a gambling entity ?
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Old 05-03-2016, 06:02 PM   #14463
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Originally Posted by VolumeKing View Post
Your AGI is 75k. If you live in a state without income tax you don't pay state of Florida any income tax. If your state has an income tax, let's say 10%, then you owe them $7500. You still owe your federal taxes of around 25%.

Can anyone comment on opening an S corporation and not taking your profit out of the company? This is one way to lower federal tax liability according to Google
Since an S Corp is a pass-thru entity, all S Corp income is taxed at the individual level on your personal tax return, regardless of whether any, all or none of the money is actually distributed from the business.
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Old 05-03-2016, 08:28 PM   #14464
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You don't have to pay employment tax on a large % of your income though
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Old 05-03-2016, 08:42 PM   #14465
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I'll just let this thread do what it does best
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Old 05-03-2016, 08:43 PM   #14466
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I'll just let this thread do what it does best
By which you mean, swallow your soul?
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Old 05-05-2016, 12:08 PM   #14467
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I'll just let this thread do what it does best
'Bout time. Do not transmit your STD here.
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Old 05-05-2016, 12:17 PM   #14468
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'Bout time. Do not transmit your STD here.
I try to teach the Great Unwashed but they have to want o listen bruh
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Old 05-05-2016, 06:48 PM   #14469
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8.5BI. I cannot be stopped.
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Old 05-05-2016, 06:55 PM   #14470
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8.5BI. I cannot be stopped.
in b4 busto ldo

Spoiler:
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Old 05-05-2016, 07:00 PM   #14471
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in b4 busto ldo

Spoiler:
I think my BR exceeds my biggest downswing now so ok due for some busto.
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Old 05-06-2016, 06:19 AM   #14472
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i would say if you play the usual stuff like 1/2 and 2/5 nl, i wouldnt pay taxes just save cash and buy your house and car with that. of course it may take a while, but if you have say 100k in cash, and a average house not near a big city is only like 200k, you should be ok to get approved maybe need a cosigner too
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Old 05-06-2016, 08:08 AM   #14473
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Originally Posted by Shipitfools View Post
i would say if you play the usual stuff like 1/2 and 2/5 nl, i wouldnt pay taxes just save cash and buy your house and car with that. of course it may take a while, but if you have say 100k in cash, and a average house not near a big city is only like 200k, you should be ok to get approved maybe need a cosigner too
And you expect somebody to accept a suitcase filled with 100k in cash?
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Old 05-06-2016, 08:24 AM   #14474
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i would say if you play the usual stuff like 1/2 and 2/5 nl, i wouldnt pay taxes just save cash and buy your house and car with that. of course it may take a while, but if you have say 100k in cash, and a average house not near a big city is only like 200k, you should be ok to get approved maybe need a cosigner too


Lol, no.

Buying big ticket items where you have to put your contact information down is probably a bad idea.

I'm not a realtor, but I believe buying in cash usually means a cashiers check, which means you have to put the money into a bank. If it's in a bank then there are records of it. If there are records of it you'll live in fear of the IRS finding out for 7 years. When they find out, I'm sure the penalties for tax evasion > than just paying your damn taxes in the first place


Also, have you ever bought a house? If you have you would know that when you put down 50%, you still need a mortgage. The mortgage company is gonna want to know where the other 50% came from. They won't approve your mortgage if you just poof have 100k and need a mortgage for the other 100k.

Ymmv, but when I bought my house, I was told not to make any deposits that would draw flags for 3 months prior to applying for the mortgage (pay checks were ok because we have jobs, but just random thousand dollar deposits would have done it). So unless you're going to take an entire year to put 100k into a bank in like 8k chunks then wait several month after that to buy a house, you're kinda SOL (and I'm guessing someone who posts something like this isn't thinking about the long con aspects of the federal crime they would be committing)

Last edited by johnny_on_the_spot; 05-06-2016 at 08:32 AM.
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Old 05-06-2016, 09:05 AM   #14475
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Ya hat is just horrible advice.
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