Congrats to Thorsten Hohmann!

with regards to taxes, thorsten is a german citizen, thus subject to 30% of his gross earnings being withheld.

Thorsten does have a "residence" in jacksonville fl, where he spends many months each year. as far as New York is concerned, he has been staying with me since the world straight pool championships ended. he will be returning to ny on tuesday.
 
NYC cue dude said:
with regards to taxes, thorsten is a german citizen, thus subject to 30% of his gross earnings being withheld.

Thorsten does have a "residence" in jacksonville fl, where he spends many months each year. as far as New York is concerned, he has been staying with me since the world straight pool championships ended. he will be returning to ny on tuesday.
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He must have won because of all that good cooking you were feeding him.:D
I guess he's buying the dinner when he returns.
RJ
 
Congratulations to Thorsten! judging by the smile on his face afterward he must have been on cloud nine. Him and Manalo must also be exhausted after such a grueling schedule. I can't wait for the next tournament!
 
theres hope for the younger players!

welcome to the group of people who have so much money one doesn't know what to do with it.
 
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NYC cue dude said:
with regards to taxes, thorsten is a german citizen, thus subject to 30% of his gross earnings being withheld.

Thorsten does have a "residence" in jacksonville fl, where he spends many months each year. as far as New York is concerned, he has been staying with me since the world straight pool championships ended. he will be returning to ny on tuesday.
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He best believe that his rent is going up...jk
 
NYC cue dude said:
with regards to taxes, thorsten is a german citizen, thus subject to 30% of his gross earnings being withheld.

Thorsten does have a "residence" in jacksonville fl, where he spends many months each year. as far as New York is concerned, he has been staying with me since the world straight pool championships ended. he will be returning to ny on tuesday.
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It's actually irrelevant where Thorsten lives. Income earned outside of Germany is not subject to German tax.

The US is one of the few countries in the world to impose taxes on foreign income.
 
The 30% withholding taxes i was refering to are United States federal income taxes. Because he does not have a social security number, the promoters are required by law to withhold a certain amount (30%). You cant imagine the us government allowing a foreigner to get paid like that and take the chance he leaves and never comes back, thus stiffing the feds?

I think it sucks, because a pool player is the epitomy of an independent contractor, and would be able to declare significant deductions and in essence lowering his tax liability substantially.

We have been working feverishly to get him a green card and ss#. Once that happens, he can incorporate himself and reduce his tax responsibilities considerably.

rg
 
TannerPruess said:
Throughout the week he showed that he can bear down and win matches. He had a ton of runouts this week as did Manalo. Wonder what he will spend the prize money on... ;)
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I'm confident in saying that all of the posts by DCP helped Hohmann in his preparation.

Fred
 
NYC cue dude said:
The 30% withholding taxes i was refering.....
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I quoted you, but I was actually referring to the posters saying that he would be hit with German tax in addition to US tax. Sorry for the confusion.




Because he does not have a social security number, the promoters are required by law to withhold a certain amount (30%). You cant imagine the us government allowing a foreigner to get paid like that and take the chance he leaves and never comes back, thus stiffing the feds?
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But if he files a return, he should be able to recover... assuming his actual tax liability is less than 30%.

I think it sucks, because a pool player is the epitomy of an independent contractor, and would be able to declare significant deductions and in essence lowering his tax liability substantially.

We have been working feverishly to get him a green card and ss#. Once that happens, he can incorporate himself and reduce his tax responsibilities considerably.
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I don't see why he needs a green card to claim his expenses, but that's not my area. Thorsten can certainly afford a good US tax accountant now!
 
It would be really nice if he won that money in Dubai. It's tax free. he-he-he. Next time they should have it held in Brunei or something.
 
At the BCA we filled out some IRS forms and did not have to pay the tax, this may only be an agreement for Canada, not sure.
 
Canadian players have to pay tax with their winnings in the US. But I think it depends on the amount won.

I was also told that it would take many years to claim your tax return back. Some players took more than 5 years to claim theirs back.

Richard
 
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