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Poker and Taxes

Well The year is almost over, and that means time to figure our your taxes. If you are getting back money its almost time to file. If you owe money you have a few more months to earn enough money to pay what you forgot to save over the last year. I always seem to be in the ladder of the two. What I have been hearing is that the IRS is planning on targeting Professional Poker Players for Audits. Now I think I keep better stats then most but that would still be a nightmare. I try to pay all my taxes but sometimes I am not 100% on the numbers and if they were ever to ask about a few years ago I would have no idea what some of my chicken scratch notes mean. So I am trying to be a little more proactive this year and figuring things out before the year ends instead of in April. This way I may be able to do something that saves me some money. If I hear of anything to save money on taxes believe me ill let you all know. For right now my advice would be either claim it all and suck it up be a good citizen, and pay your taxes. Or don’t claim a dime and pray. If you claim only a little you may get flagged and a closer look may reveal that you owe more. I am on the side of Pay your taxes. The real bad beat will come 3 years down the line when they say where is our money and oh by the way, we want 50% more for interest and a penalty.


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This page contains a single entry from the blog posted on November 7, 2006 10:36 PM.

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