Quote:
Originally Posted by RalphWaldoEmerson
**** and I grind and I was about to move to cali. Never underestimate BBV's power to help you make critical life decisions!
!
Don't, the traffic is already ****ty enough.
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Originally Posted by thabighurt35
legit brag.
lol paying taxes on poker mahneez
Thanks. I feel like in the long run it's more +ev to bite the bullet and just pay taxes.
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Originally Posted by vrael111
Nice work OP. Is Ignition only US-player friendly or can anyone play there?
Thanks vrael. Open to US and other countries, not sure exactly which though.
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Originally Posted by TheGodson
OP, that is really good. You are naturally talented and could be extraordinary some day.
Also, taxes on poker is a *****. There is a 25% tax on your winnings and in addition to that you count it as income tax. So that $23,281.77 that you made is actually only $13,969.06 if you are in the 15% income tax bracket.
This is actually the final straw that finally made me quit aspiring to being a professional poker player. I also binge played 6 tables at 200NL for over 10,000 and we'll just say the results weren't so pretty.
Thanks man. I'm hoping so.
From what I've researched so far, it was my understanding that you can pay the 25% tax on gambling winnings only up to 5k, after which you must report it as income and pay income tax. I didn't think that the 25% tax and income tax stacked. That would be really ****ty if so. I'm obviously going to be doing a lot more research into the subject before tax season, and I set aside a big chunk of winnings to pay off the IRS when extortion day comes, but I really hope I'm not paying 25% on top of my income tax.