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Thread: I feel like I'm going to get screwed over big time this year for taxes

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    I feel like I'm going to get screwed over big time this year for taxes

    So I was recently thinking about my expenses after incurring some unexpected expenses (bound to happen on any trip I guess) and how that is affecting my bottom line. And then I started thinking about the biggest expense I haven't even paid yet: taxes. This is probably going to screw me over big time. Of course the IRS doesn't give a shit about what my actual profit was, they are just going to tax my gambling straight up. And then I started doing some research to find the true cost of gambling.

    For starters, I am missing out on the standard deduction of $6000. So what is the true cost of this? Like 25% of $6000? So by playing blackjack, I am incurring a $1500 cost?

    Next we have the normal income tax. Well this wouldn't be so bad since I have to pay this on my normal job, IF I could deduct expenses. But i can't deduct expenses! So now I am paying way more than 25% on my gambling profit. So let's say I have $9000 in net gambling wins but $3000 expenses. Well I'm going to get taxed about 25% of $9000, which turns to be 37.5% of about my $6000 actual profit. God damn. I might as well bend over right now.

    Okay, but let's keep going. So there's this thing called AGI, I don't even know what the hell this is, but supposedly the higher it is the worse it is for you. And it seems that you cannot deduct losses from this. WTF? So my AGI is going to be through the roof! I estimate that my AGI is pretty much going to be double my salary on my regular job by the end of the year! So shit, what does this even mean? I think it affects IRA and medical expenses. For the IRA, I think that if I reach a certain AGI, I can no longer do a before tax IRA. So pretty much I should be telling my company to transfer all my shit from before tax IRA to after tax IRA since I probably won't qualify anymore? And then for medical expenses, they can only be claimed if they are above a certain percentage of the AGI. Hopefully I stay healthy during my blackjack career I guess.

    So after a while I just stopped reading this stuff. It was just too demoralizing. Am I making a bigger deal out of this than it really is, or is it as shitty as I think it is? How are you guys dealing with this? And is it worth trying to go for professional status (assuming that I can get IRS to agree)? How does self-employment tax even work? Is that on top of the income tax? So going off my previous example, if I make $6k after expenses, then I would be paying (25% + 15%) * 6000 = 2400 in taxes? That seems equally as shitty.

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    [ADMIN: Post advising illegal nonsense removed. Don't do it again.]
    Last edited by Norm; 05-29-2015 at 04:11 AM.

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    Zen, all of that may be true but get caught practicing it and you will get RFB at one of the federal casinos (prisons).
    Luck is nothing more than probability taken personally!

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    Senior Member Bodarc's Avatar
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    Would someone please give Zen a dose of his medication!
    Play within your bankroll, pick your games with care and learn everything you can about the game. The winning will come. It has to. It's in the cards. -- Bryce Carlson

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    [ADMIN: Casino SPAM and illegal advice removed. New poster banned.]
    Last edited by Norm; 05-30-2015 at 06:24 AM.

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    Random number herder Norm's Avatar
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    Avincow, I suggest consulting a tax expert.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse

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    JUST IN, Norm deletes post that 'he believes' are illegal and not what the law actually says. You guys are all a joke. Learn the law and spread it. IRS is eating you guys alive. You guys are slaves to the govt and dont even realize that. Your paychecks get 20% illegally taken out every week and you don't even know why but rather live in fear because you 'think' its the law. Norm go ahead and prove me wrong. Someone find the law that makes me liar to pay a federal income tax and watch me shoot you guys down every time. I don't live in fear I live with facts.

    The only thing you guys can say is. 'Well its the law,everyone has to pay' REALLY? What law? Find it. You can't. But don't take my word for it, go ask all the ex IRS agents who quit and are spreading the truth as we speak.

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    ZKG, I had hoped for better from you than the original Tax Patriot Conspiracy rantings. I have had non-tax (my practice is civil, not criminal, nor tax code related) clients go to jail for espousing and practicing what you preach. They continued to espouse similar rantings, until the day that their loved ones saw them in their orange jumper suits.

    Title XXVI of the U.S. Code, and its applicability to citizens and businesses has been upheld on numerous occassions by the U.S. District Courts, the U.S. Courts of Appeal, and by the U.S. Supreme Court, without regard to whether a majority was appointed by Democrats or Republicans.

    Please see following from the IRS (yes, I know you probably believe it is unlawful propaganda):

    http://www.irs.gov/pub/irs-utl/friv_tax.pdf

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    Random number herder Norm's Avatar
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    The number of people that have fallen for this fraud, and have ended up in prison, continues to grow. Here's an article on one of the guys that pushed the "you don't have to pay taxes" fraud: https://en.wikipedia.org/wiki/Eddie_Ray_Kahn. He's due to be released in 2026. Wesley Snipes famously fell for this scam. He finished his sentence in 2013.

    Please keep conspiracy theories and scams off of this site.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse

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    [ADMIN: Conspiracy nonsense removed.]
    Last edited by Norm; 05-29-2015 at 09:51 AM.

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    [ADMIN: More nonsense pushed by convicted scammers and rejected by numerous courts removed. I asked you not to post this stuff here. This is an AP site, not a conspiracy, scam site. You have fallen for a scam. Don't try to convince others to fall for the same scam and risk imprisonment. Last warning.]



    [ADMIN: Deleted again after ZK deleted my warning.]

    [ADMIN: And deleted a third time after ZK yet again ignored and deleted my warning. ZK has been suspended. I have work to do.]
    Last edited by Norm; 05-29-2015 at 10:04 AM.

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    I guess this view is going to be in the minority, but I get some satisfaction out of paying my taxes. I almost typed "enjoyed', but that really would have been stretching it a bit.

    It really does give me a feeling of satisfaction, of meeting my responsibility. I consider it part of making a comfortable living along with giving back in the form of any charitable contributions one may decide to make. Making a living is about meeting all your financial needs, including paying taxes and planning for later in life. It is not just scraping together enough to pay your rent, as I did the first few years of my blackjack career.

    As citizens we have a responsibility to pay taxes, it's the law. If you are against the laws and tax code, you work to change it and vote for those that claim they are in favor of changing it. I would love to see things simplified, but until, I deal with what we have.

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    I
    Quote Originally Posted by KJ View Post
    I guess this view is going to be in the minority, but I get some satisfaction out of paying my taxes. I almost typed "enjoyed', but that really would have been stretching it a bit.

    It really does give me a feeling of satisfaction, of meeting my responsibility. I consider it part of making a comfortable living along with giving back in the form of any charitable contributions one may decide to make. Making a living is about meeting all your financial needs, including paying taxes and planning for later in life. It is not just scraping together enough to pay your rent, as I did the first few years of my blackjack career.

    As citizens we have a responsibility to pay taxes, it's the law. If you are against the laws and tax code, you work to change it and vote for those that claim they are in favor of changing it. I would love to see things simplified, but until, I deal with what we have.
    Regardless of your country of citizenship, tax dollars support infrastructure, social programs and of course programs which we may not be crazy about. Perhaps our friend can reside in his utopia, travelling between casinos by horse and buggy.

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