I played "professionally" last year and made less than 20k. I realize that probably no one is in a position to give out real tax advice but how have some of you gone about figuring out how much you have to pay?
Where do you live? If US, which state?I'd personally advise just contacting Russ Fox (just google Russ Fox CPA). He's a great accountant for poker related finances. Hurry though, you'll likely need to get your info into any decent CPA by April 1st to make the tax deadline (assuming you're in the US).I would guess your payment (state and federal combined) would be between 2k-5k, but that's a very wide, general guess from somebody that is basing it off of what I've heard others pay with similar incomes from poker. Take it for the little it is worth. There are so many variables that go into this.
I live in TN, so no state income tax :). Also how much does it usually cost to get poker taxes done/is there any chance I would be able to get them done on my own?
You can do them on your own, but the chances that you don't know how to save yourself enough money or screw it up and have to pay late fees at a later date are high enough to where you should spend the 3 figure amount to get your taxes done by a trained professional.Rates vary I believe, but I would say $300-800 is a range that covers most personal tax return fees I've experienced and heard of. The lower end would be the most basic of returns and the higher end would include a lot more work from the CPA's end (deductions, lots of backer/staking type stuff and so on).
Where do you live? If US, which state?I'd personally advise just contacting Russ Fox (just google Russ Fox CPA). He's a great accountant for poker related finances. Hurry though, you'll likely need to get your info into any decent CPA by April 1st to make the tax deadline (assuming you're in the US).I would guess your payment (state and federal combined) would be between 2k-5k, but that's a very wide, general guess from somebody that is basing it off of what I've heard others pay with similar incomes from poker. Take it for the little it is worth. There are so many variables that go into this.
I live in TN, so no state income tax :). Also how much does it usually cost to get poker taxes done/is there any chance I would be able to get them done on my own?
You can do them on your own, but the chances that you don't know how to save yourself enough money or screw it up and have to pay late fees at a later date are high enough to where you should spend the 3 figure amount to get your taxes done by a trained professional.Rates vary I believe, but I would say $300-800 is a range that covers most personal tax return fees I've experienced and heard of. The lower end would be the most basic of returns and the higher end would include a lot more work from the CPA's end (deductions, lots of backer/staking type stuff and so on).