But your comment ""Work for the IRS ?""suggest otherwise and sounds like you don't pay any taxes Sounds like your covering your ass here
Pro Players paying into Social Security and Taxes on monies won
- Thread starter justabrake
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But your comment ""Work for the IRS ?""suggest otherwise and sounds like you don't pay any taxes Sounds like your covering your ass here
Again, HOW is any of this your business? You must be the life of the party, "Oh btw, do you file your taxes every year?" What a poolplayer, or ANY other independent contractor, does tax-wise is NONE of any one else's concern. Never have had much use for busybodies.
We all care about pool, that is obvious and we all want the sport to grow. In my opinion anyone with the label "Professional", should be just that and that includes them paying their taxes. It also includes the people on the other end reporting that they paid that person money to the IRS as well: whether they are a sole proprietor, LLC or some type of Corporation. I also think anyone who is in business should have a good ACCOUNTANT to help them with their taxes. I think this tax issue is a very large part of why it is hard to get serious sponsors to back the pool industry, it lacks structure. All business's have to be accountable for the money they earn and spend, giving any to people who are not doing the right thing on their end, unfortunately, makes it tough for any legitimate business's to get involved.
Not trying to argue. Just my $0.02
Trent from Toledo
Not trying to argue. Just my $0.02
Trent from Toledo
I agree about having an acct. take care of that end. I don't agree that tax issues are the stumbling block to attracting bigger sponsors. The reason pool doesn't attract big-time sponsorship $$$ is that the game doesn't offer anything to that specific company's business model. If a company's sponsorship of pool(or anything else for that matter) doesn't bump-up the bottom line then they're not going to get involved. When Camel was sponsoring pool they saw ONE thing: more potential cig sales. I really don't think RJR was too concerned how the tour(and players) handled their tax issues.We all care about pool, that is obvious and we all want the sport to grow. In my opinion anyone with the label "Professional", should be just that and that includes them paying their taxes. It also includes the people on the other end reporting that they paid that person money to the IRS as well: whether they are a sole proprietor, LLC or some type of Corporation. I also think anyone who is in business should have a good ACCOUNTANT to help them with their taxes. I think this tax issue is a very large part of why it is hard to get serious sponsors to back the pool industry, it lacks structure. All business's have to be accountable for the money they earn and spend, giving any to people who are not doing the right thing on their end, unfortunately, makes it tough for any legitimate business's to get involved.
Not trying to argue. Just my $0.02
Trent from Toledo
I was actually referring to gambling income as some pro players are known very well to be gamblers as well. Gambling laws are the very reason that the trend has started towards 2 players playing a race to what ever being a 2 player tournament instead of 2 players just matching up and playing for a set amount of money, like when Tony played Dennis O one pocket. And when it comes right down to it, tournaments are still gambling as far as I'm concerned, because every tournament any one enters, they're gambling on making it into the money rounds, if they don't make it, they lose their entry fee, in which for all practical purposes is their first bet!!
Geezus H Cripes-What Horsesh*T!
BE A MAN and own up to a mistake sometime will you?-it couldn't have been clearer what you said and i quote.
"Don't forget Bob, Gambling losses are also a Deduction against your taxable Income. They just can't exceed your gross taxable income!!!"
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And, not all states will allow deductions for gambling loses, stick that in your pipe and smoke it!!! Gambling is YOUR taxable income if you gamble Professionally!!
Recreational gamblers and Professional gamblers fall under different tax laws, with special requirements for Professional gamblers!!!
Rec. vs Pro gambling....................
A little info. on the subject: https://www.taxsamaritan.com/tax-preparation-services/gambler-tax-preparation/
A little info. on the subject: https://www.taxsamaritan.com/tax-preparation-services/gambler-tax-preparation/
More obfuscation and BS-Done here.
In my own experience, if you win over $600, you will receive a 1099 form to file with your taxes. Basically, you have to claim your winnings as income.
I think this is stated a couple pages back?
Another reason why I rarely frequent AZ Billiards. Ask a question (yes - I've often wondered this same thing but not FOR A SPECIFIC PERSON but only IN GENERAL) and get a rude response.
Allen
I’ve always thought if a pro player did taxes by the book, they would be at a loss or break even every year, and have an extremely small or zero tax bill.
They’d be able to deduct all travel, entry fees, food, mileage, table time, home table purchase, home office deduction (the space for the table), phone bill, internet bill, etc.
I think all of those expenses would exceed their tournament winnings.
Disclaimer: I’m not a pro or a CPA
They’d be able to deduct all travel, entry fees, food, mileage, table time, home table purchase, home office deduction (the space for the table), phone bill, internet bill, etc.
I think all of those expenses would exceed their tournament winnings.
Disclaimer: I’m not a pro or a CPA
JC
Coos Cues
I’ve always thought if a pro player did taxes by the book, they would be at a loss or break even every year, and have an extremely small or zero tax bill.
They’d be able to deduct all travel, entry fees, food, mileage, table time, home table purchase, home office deduction (the space for the table), phone bill, internet bill, etc.
I think all of those expenses would exceed their tournament winnings.
Disclaimer: I’m not a pro or a CPA
They would still have to pay fica and medicare in order to qualify for the benefits later which no doubt would be a deal breaker for most of them.
Professional Pool players run their own business.
They account for their money to the IRS as all income is taxable.
They file a Schedule C form.
They deduct all ordinary and necessary expenses in pursuit of that income.
Their tax info is between them, their tax preparer, and the IRS.
Ordinary and Necessary expenses in the pursuit of the income is a nice phrase.
So, your tax person should ask you questions to drag out those answers, and help you prepare for the next tax year. You are entitled to pay the minimum tax by law.
Ordinary and necessary expenses vary by business. My favorite "ordinary and necessary expense" is Chesty Love (look her up, she is on the internet), an exotic dancer, who paid a large amount of money to have her assets enlarged ... and I mean greatly enlarged. The IRS took her to tax court and she beat them as her assets were declared a prop, a prop to enhance her ability to garner larger tips.
It is far easier to do things properly than to be creative and hide it. Your pool expenses, exceeding your pool income, could reduce your normal income, causing you to pay less taxes. If you take out additional taxes in your income, you can cover the FICA and Medicare taxes on your pool income. Manage your finances.
It will take some work on your part, reading the IRS publication, and tracking everything you do in pursuit of that pool income.
They account for their money to the IRS as all income is taxable.
They file a Schedule C form.
They deduct all ordinary and necessary expenses in pursuit of that income.
Their tax info is between them, their tax preparer, and the IRS.
Ordinary and Necessary expenses in the pursuit of the income is a nice phrase.
So, your tax person should ask you questions to drag out those answers, and help you prepare for the next tax year. You are entitled to pay the minimum tax by law.
Ordinary and necessary expenses vary by business. My favorite "ordinary and necessary expense" is Chesty Love (look her up, she is on the internet), an exotic dancer, who paid a large amount of money to have her assets enlarged ... and I mean greatly enlarged. The IRS took her to tax court and she beat them as her assets were declared a prop, a prop to enhance her ability to garner larger tips.
It is far easier to do things properly than to be creative and hide it. Your pool expenses, exceeding your pool income, could reduce your normal income, causing you to pay less taxes. If you take out additional taxes in your income, you can cover the FICA and Medicare taxes on your pool income. Manage your finances.
It will take some work on your part, reading the IRS publication, and tracking everything you do in pursuit of that pool income.
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Please explain why the **** would some tournament pay into someone else's 401K
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Jay, any chance there is video of this match?