Guys - I'd really like some guidance -- this is a huge daunting thread and as much as I will inform myself I'd like to start by getting some direction from you guys.
As I have started a ''real life job'' in 2011, and now it's time to declare my taxes, I'm forced to face the fact that I have not declared any taxes for 2006-2010.
I was never a 6 figure earner, but made a modest income - lived well enough for my needs... Was living at home and had barely any expenses (ie: easy modest slack life). I wasn't the most ambitious player - I would play to put money in my pocket, to have enough money for puffing (I've quit now); didn't have the brains, talent nor ambition to make 6 figures.(I was a bum-hunter).
My cash-out pay was precisely like this (basing it on my cash-out requests saved in my emails):
2006 - 10 K ( only started last half of the year)
2007 - 27 K
2008 - 15K
2010 - 5K (only)
2011 -16K (had accumulated from 2010)
I got things together and have a full time job now since early 2011.
I am going to file taxes for every year that I have missed but seeing how low my income was, would I be better off declaring my poker income ? And get some tax credits ?
And if I do - is it Business > Other type of business income
(taken from TurboTax)
Is this something I can do on my own using a software like TurboTax (you guys must be laughing at me thinking I'm a huge idiot
Or should I get a professional advice (even if my income is miniscule)?
Or should I just forget about declaring my income, and call it years lost where I was doing nothing productive ?? And declare a few bucks in ''other'' personal income (made a few dollars helping a friend out with his business on occasion)
Thanks guys - hoping someone is nice to enough to push me in the right direction - cheers