You still have to file. And come up with receipts, if need be which an IRS investigation like one that is threatened will lead to. You think a pool player is going to have receipts?
Bonus ball the truth
- Thread starter lee brett
- Start date
You still have to file. And come up with receipts, if need be which an IRS investigation like one that is threatened will lead to. You think a pool player is going to have receipts?
For sure, you definitely have to file if you get a 1099. :grin-square:
Saving receipts for hotels, food, travel expenses, and entry fees, it does help, though. :wink:
I'd venture to guess that the majority of pool players in America have more expenses than winnings, and to add insult to injury, I'd also guess that the majority of them never receive a 1099 because they usually aren't fortunate enough to cash in the majority of pool tournaments available today at the $600 mark. :frown:
It's a little more complicated than just what one makes, if you are an "alien" your legal status needs to be considered, and whether or not you were "self employed" also matters, not only for filing purposes, but for possible unemployment payments as well. Getting a employment status ruling is very important. Good luck. J.
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Table 1-1.2012 Filing Requirements for Most Taxpayers:
IF your filing status is... AND at the end of 2012 you were...* THEN file a return if your gross income was at least...**
single
under 65 $9,750
65 or older $11,200
married filing jointly***
under 65 (both spouses) $19,500
65 or older (one spouse) $20,650
65 or older (both spouses) $21,800
married filing separately any age $3,800
head of household under 65 $12,500
65 or older $13,950
qualifying widow(er) with dependent child
under 65 $15,700
65 or older $16,850
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Self-Employed Persons
You are self-employed if you:
Carry on a trade or business as a sole proprietor,
Are an independent contractor,
Are a member of a partnership, or
Are in business for yourself in any other way.
Self-employment can include work in addition to your regular full-time business activities, such as certain part-time work you do at home or in addition to your regular job.
You must file a return if your gross income is at least as much as the filing requirement amount for your filing status and age (shown in Table 1-1). Also, you must file Form 1040 and Schedule SE (Form 1040), Self-Employment Tax, if:
Your net earnings from self-employment (excluding church employee income) were $400 or more, or
You had church employee income of $108.28 or more. (See Table 1-3.)
Use Schedule SE (Form 1040) to figure your self-employment tax. Self-employment tax is comparable to the social security and Medicare tax withheld from an employee's wages. For more information about this tax, see Publication 334, Tax Guide for Small Business.
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Aliens
Your status as an alien—resident, nonresident, or dual-status—determines whether and how you must file an income tax return.
The rules used to determine your alien status are discussed in Publication 519, U.S. Tax Guide for Aliens.
Resident alien. If you are a resident alien for the entire year, you must file a tax return following the same rules that apply to U.S. citizens. Use the forms discussed in this publication.
Nonresident alien. If you are a nonresident alien, the rules and tax forms that apply to you are different from those that apply to U.S. citizens and resident aliens. See Publication 519 to find out if U.S. income tax laws apply to you and which forms you should file.
Dual-status taxpayer. If you are a resident alien for part of the tax year and a nonresident alien for the rest of the year, you are a dual-status taxpayer. Different rules apply for each part of the year. For information on dual-status taxpayers, see Publication 519.
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Table 1-1.2012 Filing Requirements for Most Taxpayers:
IF your filing status is... AND at the end of 2012 you were...* THEN file a return if your gross income was at least...**
single
under 65 $9,750
65 or older $11,200
married filing jointly***
under 65 (both spouses) $19,500
65 or older (one spouse) $20,650
65 or older (both spouses) $21,800
married filing separately any age $3,800
head of household under 65 $12,500
65 or older $13,950
qualifying widow(er) with dependent child
under 65 $15,700
65 or older $16,850
---------------------------------------------------------------------------
Self-Employed Persons
You are self-employed if you:
Carry on a trade or business as a sole proprietor,
Are an independent contractor,
Are a member of a partnership, or
Are in business for yourself in any other way.
Self-employment can include work in addition to your regular full-time business activities, such as certain part-time work you do at home or in addition to your regular job.
You must file a return if your gross income is at least as much as the filing requirement amount for your filing status and age (shown in Table 1-1). Also, you must file Form 1040 and Schedule SE (Form 1040), Self-Employment Tax, if:
Your net earnings from self-employment (excluding church employee income) were $400 or more, or
You had church employee income of $108.28 or more. (See Table 1-3.)
Use Schedule SE (Form 1040) to figure your self-employment tax. Self-employment tax is comparable to the social security and Medicare tax withheld from an employee's wages. For more information about this tax, see Publication 334, Tax Guide for Small Business.
----------------------------------------------------------------------------
Aliens
Your status as an alien—resident, nonresident, or dual-status—determines whether and how you must file an income tax return.
The rules used to determine your alien status are discussed in Publication 519, U.S. Tax Guide for Aliens.
Resident alien. If you are a resident alien for the entire year, you must file a tax return following the same rules that apply to U.S. citizens. Use the forms discussed in this publication.
Nonresident alien. If you are a nonresident alien, the rules and tax forms that apply to you are different from those that apply to U.S. citizens and resident aliens. See Publication 519 to find out if U.S. income tax laws apply to you and which forms you should file.
Dual-status taxpayer. If you are a resident alien for part of the tax year and a nonresident alien for the rest of the year, you are a dual-status taxpayer. Different rules apply for each part of the year. For information on dual-status taxpayers, see Publication 519.
For the purpose of Income Tax returns, If a person claims that "professional pool player " is his business and shows no prfit/ or income from that business and shows only the expenses/losses for three years in a row, the IRS can tell that person to close that business. It depends upon the IRS agent and some agents may be liberal and allow u to take the deductions for business expenses for 4 years without showing profits and some strict agents allow only for two years without any profits. After that it will be considered as a "hobby" and not a "business" and the IRS will not allow 'business losses/expense s for deduction in the Tax returns.
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It is seeming a bit quick for anything more than acknowledgement of complaint's receipt...
This was the IRS rule when I had my Greyhound racing and breeding business. But there were a lot of loopholes back then. It was like stealing W/O a gun. Johnnyt
I'm surprised that no one knows any Top Secret Biz at this time.
I do, but I can't put it on the street. Yo.
Cause if you do Ghosst, ya might have to take 'your' balls and go home.
Freedom fighters unite! :grin-square:
I hear ya.
Been trying to get in touch with either Zsa Zsa's husband or Johnny Depp's tat artist but it seems everyone has gone underground at this time.
If I do hear anything, I'll let you guys know that I know and can't tell you anything because only I know.
Gotta change hotels now because the CIA is on to me. When you know Vegas Secret Biz like I do, everyone wants in, know what I mean, Yo.
Only in town for a couple of days anyway, just checking in on a couple of deals I got going. When I made my millions, I got out of the Biz
cause ya know, haven't done any real biz in this town for a few years cause this town is dead for biz.
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I have it on good authority that Bonus Ball has retained the tax firm of Chris Rock and Wesley Snipes to perform everything required tax wise, state and federal.
Roger Long has the top secret files in his possession.
I'm sure that results in a happy ending.
I take it that Willie Nelson is no longer a partner? Maybe he is, its just that he can't remember.
just like all of my massages.
i knew @ 7AM.
but after JAM accused me of PUIing,
(followed by several shots)
i forgot.
.
It's a good thing I put cellopain over my keyboard fore I read this. My Boones Farm du jour is rather sticky. LMAO