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My advice is to go to an accountant. (A real one, not your uncle) They understand tax code and will save you far more then they cost. Additionally their fee is tax deductible. I spend between $400 – $500 a year for my returns and I can sleep at night without worrying the IRS is going to throw me into bankruptcy.
Professor wrote:My advice is to go to an accountant. (A real one, not your uncle) They understand tax code and will save you far more then they cost. Additionally their fee is tax deductible. I spend between $400 – $500 a year for my returns and I can sleep at night without worrying the IRS is going to throw me into bankruptcy.I completely agree. A good professional pays for him/herself in addition to saving you a bunch and knowing you have followed the law to a t is very comforting..
Quote:knowing you have followed the law to a t is very comforting..I’m sure the government would have a lot to say about that if you were to be totally honest with them
Unless you have comprehensive profit/loss – cash flow data and receipts for deposits and expenses it could be a long process! I would advise you and everyone to KEEP GOOD BOOKS – it is ESSENTIAL to your business and to completing the tax process.
I actually do my taxes myself and always have – its a long drawn out process, but with good books its rather simple. I use quicken to keep my books and it automates quite a bit. My biggest problem is determining which field I am going to register as my profession – I usually look for a design or a marketing field – Im sure something more precise could be chosen but heck Ive havent had a problem as of yet.
For most of us we are self employed and a good number of us do this and nothing else so completing tax returns is actually rather simple. Those who have employees and have to have EIN numbers and pay workmans comp, insurance, withholdings, etc etc it is a much more tedious task. SE tax is fairly basic it was 15.3% last year – and as far as I know at this time its the same.
Course the IRS would much rather you pay as you go – they want that money in their accounts growing interest as quickly as possible LOL.
There was a tax specialist / or accountant posting here on CAP not that long ago – I think he may have attended one of the Miami Spring Break events not for sure though.
Best of luck to you.
I’m sure the government would have a lot to say about that if you were to be totally honest with them
I don’t know what you are implying here, but my taxes are 100% transparent and above board.
They know exactly how much I make in what manner. I make absolutely no secret of the sources of my income. I would be a fool to do so, and so is anyone who tries to hide anything.
It is important in this business to have all your t’s crossed and your i’s dotted.
Dom,
So you acctually put down in your tax return that you have income from advertising online casinos??? I dont think so
Stupid-
Please check your private messages.
I was advised by the moderators to clarify that my post was not intended to offend.
It’s not. It was said as a small joke, there is even a smily face at the end.
Jus like on this one
It;s the weekend people, ease up…
I learned along time ago that I can mess with alot of things but the IRS aint one of them.
Their are lots of things to file under like internet marketing and such. I agree too that you need to get yourself a great CPA. I also believe it is a good idea to incorporate if you are making the big bucks. My CPA told us that self employed tax returns have a much higher ratio of getting audited than corps. Also if you are doing your taxes yourself and you get audited I feel for you. It is better to have the IRS and a CPA handle the audit so you can do what you do best… market your sites.I learned along time ago that I can mess with alot of things but the IRS aint one of them
That’s exactly right. I have owned my own businesses all my life and have been audited before. That is why I have a top professional do my taxes. I also consult with Larry Lawrence (http://www.gamblinglawupdate.com/) and have my business set up in compliance with the law.
Again, there is no law against advertising online casinos. There have been bills in congress 3 years running and they never get passed. Advertising is covered by the free speech laws in the USA. The FCC has ruled that the wire act doesn’t apply to the internet. I do my business in accordance to the law.
So you acctually put down in your tax return that you have income from advertising online casinos???
Stupid, as prominent and well known as I am in the business, do you think I could hide if I wanted to? Hiding is not a good policy. Being prepared is.
wow, this is interesting and scarey!
My question is this what if your only making small dollars, what do you suggest?
Has anybody looked into the off-shore bank accounts, since there is no tax on them?
Dominique wrote:Stupid, as prominent and well known as I am in the business, do you think I could hide if I wanted to?:whoa: – :laughing: – Sorry that is more than I can handle – I am literally rolling on the floor!
Quote:I do my business in accordance to the law.Dont you mean you attempt to do things according to “your” interpretation of the law? Its obvious that certain divisions of the government do not view things the same way you, I, or any of us do. You shouldnt state things in a factual manner when so many variables and newbies to be mislead are present.
AND yes as I stated keeping good records is essential if you dont your asking for trouble. Furthermore, “stupid” understood exactly what I meant by the statement about being totally honest – sad in a funny way how he was reprimanded for pointing out the obvious in a non combative manner – whats up with that? Anyway I doubt very much that you send in receipts or invoices or profit/loss data stating you are making an income from online casinos.
BonusStreak – it depends on how small your dollars are – I know there is a number where you wont have to file, BUT it is very very small – I would assume that most if not all of us are above that number and need to file.
well I do not have a problem with filing, but I also keep any gambling related things away from my personal accounts, but also it is not the irs who would worry me, other government peps are the ones to watch for.
Now my question is, this is all offshore money, why report it?
Dom, you seem to know the laws, so I would like to ask you:
Wouldn’t it make more sence to incorporate in the Kaymans, for example, which is pretty cheap, and save yourself:
1. Thousands of tax dollars
2. CPA fees, and other business related fees
3. Explanation where you get the money from, especially when our industry could become illegal any time – let’s not forget that we do not sell tomatoes and cucmbersIf you want to plan your own legal or tax situation, you need to talk to a professional.
I am not going to give any advice because my situation likely differs from yours. There are all kinds of variables. I recommend you get a good tax lawyer and a lawyer who specializes in online gambling law to put their heard together and discuss your specific situation.
