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

[Three]

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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.

Do you really think the government would have any problem properly ratifying the amendment to the constitution that would allow an income tax today? Of course it would get unanimous approval and an immediate Presidential signature. Then the guys that evaded taxes would have the IRS up their butt until they felt they got at least what you cheated the government out of. If you live in a rough area you don't want to piss off the cartel that owns the police and runs the area. You are best not to get on their shit list. The amendment will pass and the IRS will be sticking it to you forever.

A smart warrior knows when a fight is called for and when one is not. You are tilting at windmills. Your post is another in a long line of bad advice to fight battles that should never be fought. First against the suits and casinos you suggest you suggest fighting battles on the idea it will increase your longevity when in fact it is exactly the battle that will end your longevity there and make you one of the few backoffs the casino has made that end up with the person being entered in one of the black list books. Now you suggest ending up on the IRS blacklist. Hopefully one day you will learn how to be an AP in life as well as in the casino. This attitude of yours may be your biggest obstacle in both endeavors.

[21forme]

[ADMIN: And deleted a third time after ZK yet again ignored and deleted my warning. ZK has been suspended. I have work to do.][/INDENT]

Permanently, this time, I hope...

[21forme]

It really does give me a feeling of satisfaction, of meeting my responsibility.

I suspect this is a minority view
I remember the first time my tax burden was _ digits, I thought it was obscene.

[Sharky]

I guess this view is going to be in the minority, but I get some satisfaction out of paying my taxes. ...

you likely are in the minority, but, you, like most on this site are probably not paying their STATE & LOCAL taxes correctly...when you win money in another state you o ARE LIABLE for that state's state and local taxes where the win...I am a consultant for a blue chip consulting firm and if I spend one week in a non-neighboring state (SOME have reciprocal arrangements where no filing is necessary) I owe them taxes against my SALARY...if I am at the same client for >1 year, MY EXPENSES (air, hotel, car, per diem) ARE TAXABLE STATE AND FEDERAL INCOME..(of course, my company/client make up the diff)....so if you are so proud, then be sure you are paying them CORRECTLY...just pointing out so you can feel my pain...I get like 5-6 W2 everyyear and need for fill out state and local taxes for each and adjust my local's accordingly....i am certain law is true for gambling winnings as if you ever heard of someone winning a, say, powerball lottery....they are required to cash, and pay appropriate taxes, in state where ticket was purchased....6 w2s...chew on that...lol

KJ, so that trip to the Parks and take a couple dimes from last year...you owe both PA state and Local taxes....DOES NOT matter that you live in a state w/o state/local taxes.

[21forme]

Imagine how much N.J. and Nevada must have lost in tax revenue

NJ, yes. NV has no state income tax.

[Sharky]

...Imagine how much N.J. and Nevada must have lost in tax revenue they could have collected ...

haha....that's a good one drunk....they lost off of YOU AND ME....but the other 99.99% of the players LOST - ....of course, there may have been some big wins....$50k slots, or whatever...but those have been offset by many, many, many, more losses...net gain = casino pays taxes on THEIR profits

[Avincow]

you likely are in the minority, but, you, like most on this site are probably not paying their STATE & LOCAL taxes correctly...when you win money in another state you o ARE LIABLE for that state's state and local taxes where the win...I am a consultant for a blue chip consulting firm and if I spend one week in a non-neighboring state (SOME have reciprocal arrangements where no filing is necessary) I owe them taxes against my SALARY...if I am at the same client for >1 year, MY EXPENSES (air, hotel, car, per diem) ARE TAXABLE STATE AND FEDERAL INCOME..(of course, my company/client make up the diff)....so if you are so proud, then be sure you are paying them CORRECTLY...just pointing out so you can feel my pain...I get like 5-6 W2 everyyear and need for fill out state and local taxes for each and adjust my local's accordingly....i am certain law is true for gambling winnings as if you ever heard of someone winning a, say, powerball lottery....they are required to cash, and pay appropriate taxes, in state where ticket was purchased....6 w2s...chew on that...lol

KJ, so that trip to the Parks and take a couple dimes from last year...you owe both PA state and Local taxes....DOES NOT matter that you live in a state w/o state/local taxes.

And what if you play in a state where you cannot deduct gambling losses? I don't see anything NOBLE about paying this. I don't see how this is FAIR. You are pretty much SCREWED. So what's the answer here? Just don't play in these states?

[Norm]

The answer is to consult a tax expert. Obviously there exist parts that are "unfair". Few things in life are "fair". But, it's really not as bad as you stated in your original post. The tricky part can be showing that your activity is designed for profit, as opposed to a pure hobby. To show that there is a reasonable expectation and goal of eventual profit, and that your profit isn't simply an accidental windfall. Which you won't be asked to prove unless you are audited. But, I am not a tax expert -- so don't trust anything I say. And have an accountant sign your tax return.

[Avincow]

The answer is to consult a tax expert. Obviously there exist parts that are "unfair". Few things in life are "fair". But, it's really not as bad as you stated in your original post. The tricky part can be showing that your activity is designed for profit, as opposed to a pure hobby. To show that there is a reasonable expectation and goal of eventual profit, and that your profit isn't simply an accidental windfall. Which you won't be asked to prove unless you are audited. But, I am not a tax expert -- so don't trust anything I say. And have an accountant sign your tax return.

Yes, looks like I will need some help here. I will consult with a tax expert.

[Norm]

It's laughable.

Because it's not true.

[Bodarc]

If you are not a professional player it is true in some states. In Mississippi for example, if you get a W2-G for $4,000, they withhold 5% state income tax. You then do not include it in income nor can you deduct your losses. You have just paid 5% on your winnings.

[Norm]

Yes, that is partly true. It is not true that in one session if you win $10 and then lose $10 and then win $10 and then lose $10 that you owe taxes on $20 of wins. Withholding is not the same as owing. Withholdings contribute to what you may ultimately owe. Withholdings are in your "account". You determine what you ultimately owe, and subtract withholdings to determine what you owe.

Again, consult an expert. It can save you a great deal. 98% of what you read on the Internet is wrong.

[Bodarc]

Yes