Tired of Paying Taxes

Hello,

I would like to ask something, but I don’t know if it would be a sensible question as it has nothing to do with strategies or tactics.

Right now I’m in college and been into summer jobs for some time. Ever since I tried summer jobs, I have never made over 10K. But just recently, I am making a bit more than that by playing in 5/10 and 10/20 NL tables online. I find it really great, but I don’t know how should I go about dealing with the IRS and the like.

Can I get a tax shelter? If so, how? Will I benefit from it? How about about offshore accounts? Do American players pay more/less taxes than the normal 9to5er? In England on the other hand, I’ve heard players or gamblers don’t have to pay taxes on gambling winnings, I am wondering if there is any type of program like that in here?

Thanks in advance. Any suggestion or advice will be very much appreciated.

Leonardo

Leonardo,

You need to consult a tax professional. Poker players in America are considered self employed and pay more taxes than normal employees of companies. This is due to the fact that employers pay part of their employees social security and medicare taxes. When you are self employed you pay it all.

Otherwise, a tax professional or accountant can help you with your taxes. They will cost some money, but they may save you money in the long run.

Tags: accountant, gambling, no limit, tax professional, taxes, Texas Holdem