There is no money in pool???
- Thread starter DefiniteHasBeen
- Start date
That's kind of the point. You made $100 but had to spend $100 which isn't taxed. Did you really make $100?
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On a related side note...
Since we have lately been discussing player behavior....
When a player is sponsored by a company, they serve a fiduciary role for that company and the things they say and do can be held against that company. The company is liable for what the player says and does.
This is one reason why player conduct has an impact on whether or not big companies are willing to sponsor pool players.
Jaden
Since we have lately been discussing player behavior....
When a player is sponsored by a company, they serve a fiduciary role for that company and the things they say and do can be held against that company. The company is liable for what the player says and does.
This is one reason why player conduct has an impact on whether or not big companies are willing to sponsor pool players.
Jaden
no but you made money...
This is where it gets weird... In that case, you probably didn't make money; however, you may end up net positive. If you have kids, you can claim an EIC or earned income credit. The government would then refund you money that you didn't give to them.
It sounds weird I know, but it's the truth. The government refunding more money than people pay in, what amounts to a negative % of income tax.
I have seen a -17% income tax rate because of the jacked up tax code.
It is SO important that we move to a fixed, non graduated income tax system based on money spent rather than money earned.
Hell, if they move to a money spent rather than earned system, I wouldn't mind it being graduated based on the luxury level of the items purchased.
Then you wouldn't be punished for earning more or rewarded for earning less.
Jaden
This is where it gets weird... In that case, you probably didn't make money; however, you may end up net positive. If you have kids, you can claim an EIC or earned income credit. The government would then refund you money that you didn't give to them.
It sounds weird I know, but it's the truth. The government refunding more money than people pay in, what amounts to a negative % of income tax.
I have seen a -17% income tax rate because of the jacked up tax code.
It is SO important that we move to a fixed, non graduated income tax system based on money spent rather than money earned.
Hell, if they move to a money spent rather than earned system, I wouldn't mind it being graduated based on the luxury level of the items purchased.
Then you wouldn't be punished for earning more or rewarded for earning less.
Jaden
But the money and/or product the player receives from the sponsor is supposed to be claimed in the player's taxes. I wonder if the sponsor gives the player a 1099 for the sponsorship monies, product, or whatever. I would think the sponsor companies would write it off as an expense on their taxes, which means the player has to claim it as income.
A friend of mine got on "Wheel of Fortune," and she won a trip to Helsinki. The taxes she had to pay on this trip ended up being more than what she could have paid if she got the trip on her own. The cost of the trip by "Wheel of Fortune" was blown up to the maximum.
Have you read all 70,000-plus pages of the Tax Code? :grin-square:
This is why I cringe when I hear the term "pro pool player".
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The organization I worked for...
The 501 c3 organization I worked for put together concerts for military members and what we would do is offer these bands comparable receipts for the donation of their time. Since these donations were tax deductible, they could give us an estimate of what they would normally be paid for a performance, we could give them a receipt for that amount and they could deduct that amount from their taxes. They end up making almost as much from the tax deductions as they would for actually performing and getting paid.
They would maximize their supposed worth for the performance similar to the wheel of fortune maximizing the worth of the donation so that the companies donating could receive the maximum donation receipt.
Jaden
But the money and/or product the player receives from the sponsor is supposed to be claimed in the player's taxes. I wonder if the sponsor gives the player a 1099 for the sponsorship monies, product, or whatever. I would think the sponsor companies would write it off as an expense on their taxes, which means the player has to claim it as income.
A friend of mine got on "Wheel of Fortune," and she won a trip to Helsinki. The taxes she had to pay on this trip ended up being more than what she could have paid if she got the trip on her own. The cost of the trip by "Wheel of Fortune" was blown up to the maximum.
The 501 c3 organization I worked for put together concerts for military members and what we would do is offer these bands comparable receipts for the donation of their time. Since these donations were tax deductible, they could give us an estimate of what they would normally be paid for a performance, we could give them a receipt for that amount and they could deduct that amount from their taxes. They end up making almost as much from the tax deductions as they would for actually performing and getting paid.
They would maximize their supposed worth for the performance similar to the wheel of fortune maximizing the worth of the donation so that the companies donating could receive the maximum donation receipt.
Jaden
I also have an MBA...
I also have an MBA...
Jaden
I honestly did sleep in a Holiday Inn...
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I also have an MBA...
Jaden
Now back to the the original point of this runaway thread, there IS money in pool... FOR SVB! That was the only simple fact that I was trying to point out
And to continue trying to compare pool to billion dollar companies like the NFL, MLB, NBA and the PGA is absolutely foolish and a waste of time. The bottom line is SVB makes "good money" (compared to other players) for being the best pool player in America.
Ouch. I'm sorry.
Pool players should be thankful they fly under the radar when it comes to "performers tax" that many athletes fall under where they must file state returns and pay taxes for each state they perform based upon revenue earned in that state.
One man isn't an industry.
Good health and life (I toast) to any player that can make 40g's in two months :thumb up: but it is not a sustainable industry to make that kind of income from just playing each and every month. The tournaments per season / year suggests this.
Sooner or later the winning streak will end. WHY? Because that's sport.
I just hope that any player making this type of money in the space of 60 days, decides to invest it wisely in property - then they really are winners :thumbup:
Good health and life (I toast) to any player that can make 40g's in two months :thumb up: but it is not a sustainable industry to make that kind of income from just playing each and every month. The tournaments per season / year suggests this.
Sooner or later the winning streak will end. WHY? Because that's sport.
I just hope that any player making this type of money in the space of 60 days, decides to invest it wisely in property - then they really are winners :thumbup:
Believe me, with the advent of the the Internet, there is no escaping the IRS and taxes today. They will find you, to include contacting all pool promoters who sent in a 1099 and letting them know not pay you further monies.
The expenses in pool are much higher than most traditional jobs. That's a fact.
I'm not saying that Shane has not enjoyed a nice income in the first 2 months of 2014, but if you add on taxes, expenses, living out of a suitcase, eating out, and any side activities such as gambling, well you can *AT LEAST* cut that income in half.
And, yes, I believe Shane does, indeed, pay his taxes.
I would venture to say that Shane's gambling on pool at least is in the plus column.
And I'd venture to say Shane isn't gambling, only his opponent is. :grin-square:
^^^Exactly. All of the above.
The payouts suck.
To the people who compare earnings in billiards to earnings in bowling , {except snooker} not even close!
Think Foosball !
That is a much closer comparison, they even have tournaments that pay over 100,000.
That's right, Foosball !!!!!
Think Foosball !
That is a much closer comparison, they even have tournaments that pay over 100,000.
That's right, Foosball !!!!!
Preach on!!
It really is sad.
I was just a teenager then but I remember reading and hearing.....
That the payouts were actually higher in the 80's with the Camel tour?
And that the men pro's really screwed it up.
Also, I think Camel had to drop out because of the big tobacco settlement?