2017 is my official first year of treating poker like a legit business...I've been talking with my CPA about what all I can right off as business expenses...I need to record my wins and losses because if I cash one of these $1,000 tournaments I will walk away with six figures and I will need all the help I can get lol
Any creative ideas ? Or is this to fair of a stretch ?
In taxes and accounting, creativity often attracts an audit. If you claim SC expenses as a tax write-off, then the reasoning (and supporting paperwork) had better be rock solid under scrutiny.
Honestly, the only person on these boards who could make a solid case for this is perhaps TUSCL Founder.
Yeah, don't get cute with the IRS.
Thanks for the reality check boys
So hypocritical I could start a website focused on my reviews...call it a business...then maybe then I could use it as a tax ride off ??
Or should just berry this idea deep underground and just forget about it
If you win a poker tournament do they withhold taxes on the spot?
Cash games it's easier to keep the wins loss a secret if need be...but a huge cash win in a casino they will literally hand you tax forms to file for the tax season
It's also why tournament why's I need to collect all my buy ins that I lose so I can use them to help save on those taxes I will owe on what will be considered a profit after subtraction my loses for the year
Gambling is a tax deduction, be sure to report wins and losses.
If it's large enough it is...that's the catch
If your playing cash it's easier to day by day take out a few hundred
But a big tournament is like $20,000+ the ones I'm going to play this year cost $1,000 but the win is $100,000+ so I will need to be prepared
If you take a client to lunch you could write it off as expense. My understanding is gambling losses can only be used to offset winnings nothing else.
Twenty five you are very correct...that's what my CPA said about the wins and losses
I can also keep records of my mileage to and from the casino, room, food, tips I can right off as well in the casino
Witch is how I got curious about the clubs
Maybe I need to create a business model that would allow me to have to take clients to the club lol
Well, I'm available for lunch, I hear the chacken fangers are great, Juice. Whaddaya think ? Crazyjoe can join us, he'll shit on the table, we'll get kicked out and we won't have to pay for lunch.
I love the one handed chip shuffle but I've never mastered it like the pros. You can tell I don't play very much poker!
Juice, you can write off your strip club expenses. Just tell the IRS you gave your money to Charity.
Gambling losses can only be written off against winnings, but the winnings won't count w/o a 1099G. Zero chance of writing off lunches with fellow gamblers; food cannot be written off and neither can tips and the idea that none of this has been tried unsuccessfully is beyond silly.
The review website idea... I strongly suspect that the IRS will take a dim view with regards to you writing off anything beyond door fees and maybe booze and food. But even that is fanciful at best.
And, if your review website "business" operates at a continuous loss, then you will get audited. If they decide that your business is a sham set up to save money on your titty bar bill, then they'll invalidate all your previous write-offs. You'll wind up paying back all your savings plus penalties.
It's nice to dream, but it's easier to pay like the PL you are.
It doesn't matter where you take a client, or a potential client but it needs to be documented with receipts, and you should keep notes to prove that it was business that was the purpose of the lunch. When in doubt be sure that your accountant is available.
^^^That will get you an IRS audit.
juice, the easier approach would be to write off your English as a Second Language courses. A two-second meeting with an IRS agent would make that a slam dunk! ;-D
LMFAO brilliant
I had net wins on machines at more than one casino group. That's going to make it more difficult to get back any of the money they took from me in handpays.
@Dougster they will withhold taxes on amounts over a certain number I believe it is 10K not sure but any winnings over I think 2500 will require an ID and you will be issued a 1099
I don't think they ever withhold taxes unless maybe you're a foreigner. At machines if you win over $1200 in one shot you have to get the money from a live person who also gives you a W2G. In table games there are no W2G (maybe in some extreme cases) but they will fill out a CTR at the cage if you go over 10K.
I assume poker is similar with W2G's handed out for tournament wins over a certain amount and cash games treated like the cage with a CTR.
I had posted a thread which deals with this, though it did not get much in terms of serious response.
I couldn't see writing off the cash passed out in strip clubs. But how about a girl you are seeing regularly, putting her on your payroll? And all the more so for Mexico?
And then of course their are those business travelers, and I assume that most of their trip is paid for out of pre-tax money.
Most people don't know exactly what can be gotten away with. That is the domain of expert professionals.
To me it seems like there could be lots of ways to take care of some women with pre-tax money. But about the money passed out in strip clubs, I can'r really see that being pre-tax.
SJG
can u write off the dry cleaning bill if you ldk in your pants?
I would say that what you really want is several different companies. One of them is mostly just you, and it supports you in what you do.
Can it buy you clothes, and then not have this counted as income? Where the actual limits are is the realm of expert professionals.
SJG
Brilliant response gentleman LMFAO
The guys who have really figured out how to do all of this stuff are not going to be posting here. They're the ones who will be keeping quiet. But it can be done.
SJG
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^^^ Do you know how I know you're gay?
Think about it Gaffigan: northerntool.com
SJG
^^^ That's it! That's how I know you're gay. Only a true homosexual fantasizes the way you do, drilling for holes. Good job faggot!
Only way Gaffigan, to stop you from filling up this board with your shit: conservation.ca.gov
^^^ You keep proving my point about your gayness and infatuation with the male butthole by posting augers that drill for holes. It's your subconscious coming through revealing your satiated love for male sex. Why don't you start posting again under your true self, San Jose Gay?
At least your gay side had TUSCL friends and would engage with posters. You gave some really good advice on San Jose area male bath houses, and actually served a purpose for faggots like yourself. Again, good job on being gay!
Hole plugging Gaffigan: 75.103.93.98
SJG
Put it under T&E.