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Originally Posted by IseizeDeadMonies
You should read that more carefully. The article reads, "Those making $75,000-$100,000 a year are the
fastest-growing share of people who don't pay federal income taxes." It goes on to specifically state, "The lowest-income Americans - those who make less than $25,000 a year - account for the
largest number of those not paying any federal income tax: 76% as of 2009."
There are plenty of people who don't pay tax. But for most of them, it's because they're following the law, not because they're breaking it.
Quote:
Originally Posted by IseizeDeadMonies
Also thank you for link on LLC/S corp. Good read. Fortunately, I am considered a private contractor in the golf business so I guess I will be incorporating as such...not as a pro poker player.
I'm not entirely sure that you can incorporate as a golf contractor plus pro poker player. My guess is that, you would be, in the eyes of the IRS, a golf contractor and an amateur poker player on the side, no different than if you had a regular salary job and were an amateur poker player on the side.
I would check with a tax attorney on what's best for you and not take advice from anyone on the Internet, including me.