Bonus ball the truth

if expenses exceed their income, then no taxes are due

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?
 
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:
 
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?

correct.
and
good luck w/ that - but i'm a CPA who just plays pool.
 
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.
 
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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This had me rolling in the aisles. The only time the players are united is when they are owed money. There was unity in the IPT non-payment experience. There was unity in the US Open 9-ball non-payment fiascos. There will be unity the next time the pros are stiffed together on payment.

For Raj to suggest that we are at the dawning of a new era in pool in which pool players will respect themselves and each other is so far fetched that I truly laughed out loud.

Those responses seemed much like the same old kool-aid fueled stuff that we heard before.
 
Lenny -- Don't go posting positive stuff here. You're going to kill the hate session.

FTR, I will be shocked if its true that the IRS or any labor board is looking at this.

It is seeming a bit quick for anything more than acknowledgement of complaint's receipt...
 
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.

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
 
This thread has gone viral! Almost 140 posts already today and, at least here on the East Coast, it's only dinner time.
 
I do, but I can't put it on the street. Yo.

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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If I am a BB player and the IRS investigation is true, I pray they list me as an employee and not an independent contractor. It appears they are getting their tax advice from Facebook and Darren Appleton. That's scarey.

Remember, the original expecation was 26 weeks - $1000 a week. Well over $1000 in taxes would be owed. Even $8900 in income as facebook reported - well over $1000 in taxes.

I will put the over/under at '1' on the number of BB players that did this.

Quarterly Tax Payments

As a 1099 contractor, you have to make quarterly tax payments to the IRS, unless an exception applies. You're not an employee, and therefore there's not employer to withhold those taxes from your paycheck. You can avoid quarterly payments, known as estimated taxes, if you don't owe more than $1,000 in taxes. The only way to determine that is to guess what you'll owe in taxes for the tax year, based on tax credits you received the previous year. You can also compare your household income for the tax year before you became a 1099 contractor, to what it is now, to see whether you'll owe more or less in taxes.

Social Security and Medicare Taxes

You're also expected to pay social security taxes as a 1099 contractor. If you worked for an employer before, you're used to seeing your portion withheld from your paycheck. The employer had to pay their half of the taxes too. You have to pay the entire 100 percent of social security taxes now, but you are allowed to deduct 50 percent of the employer's portion from your taxes. You won't have to pay social security taxes at all, if you make less than $400 after you take all of your business deductions. The amount you have to pay in social security taxes is 12.4 percent of your income. You also have to pay Medicare taxes, which is 2.9 percent. The total payment for both is 15.3 percent of your income.

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.
 
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.

I take it that Willie Nelson is no longer a partner? Maybe he is, its just that he can't remember.
 
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.

It's a good thing I put cellopain over my keyboard fore I read this. My Boones Farm du jour is rather sticky. LMAO
 
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