Hooligans Sportsbook

This thread will be funny

  • Start date •
  • Replies
    59 Replies •
  • Views 2,442 Views
Follow
MrMonkey
Just got done my taxes, I guess I'm late to the party!

FB indeed is the work of Satan! :chair:
Click to expand...

UGH! I still have to file 2012 as well, I knew I would owe for 2012, and got put on payroll in 2013, so I was hoping that between write offs for 2012 and what I earned in 2013 I will break even for what I owe in 2012...I am fairly certain that worst case scenario I will only own about one grand for 2012 once both are filed. Oh yeah, and my boss has been holding back an extra $25 per month since I went on payroll, so that should help a good bit as well. Bacon has to file 2013 taxes tomorrow...I am certain I will end up doing it for him, which is fine as I have a tiny bit of experience and went to college for accounting. In all honesty though, I hate doing taxes. I would rather do monthly booking keeping then end of the tear tax returns, I find the monthly book keeping to be ten times easier.
 
Last edited:
MrX
I'm always paying.
Click to expand...

I am sure you are well capable, but are you 1099'ed? Anything you can write off? It doesn't seem right, unless you have no writeoffs, that you always owe in at the end of the year. You know you could calculate the amount they take for taxes and have that automatically taken out of your pay, it's usually between 23-25% of your gross pay, This also may include items such as state and local taxes among ssi and other deductions.
 
I gamble for a living, Cami. There's no one to withhold anything.

I'm supposed to pay quarterly estimates, but I hate doing it, and it's not really practical for me to estimate. So, I just pay the small penalty for not paying quarterly. The tax system is not set up very well for what I do.
 
1509282_10152042820507966_3316187998350015026_n.jpg
 
MrX
I gamble for a living, Cami. There's no one to withhold anything.

I'm supposed to pay quarterly estimates, but I hate doing it, and it's not really practical for me to estimate. So, I just pay the small penalty for not paying quarterly. The tax system is not set up very well for what I do.
Click to expand...

I'm not a gambler so forgive me if my questions are dumb, but do you have to pay taxes on a bet, even if you lose?
 
Cami
I'm not a gambler so forgive me if my questions are dumb, but do you have to pay taxes on a bet, even if you lose?
Click to expand...

Cami
Also, how much taqxes do they take/do you have to pay/claim on a bet?
Click to expand...

In the end, gambling income is just income, and it gets taxed the same way, pretty much. Whatever your net winnings are at the end of the year, that's your income. Only nothing's been withheld, so you're gonna owe. And there's issues regarding self-employment and social security. If you have a losing year, you can't apply those losses towards another year's profits.
 
You must log in or register to reply here.