The Gambler's Guide to Taxes: How to Keep More of What You Win

[wilheim]

Just ran into this at Amazon.com. Might be of interest to some. I know nothing about the book or it's author.

Amazon.com page

wil.

More about the book.Tax book

 

[golfingarkansas]

just pick up a bunch of horse racing losing tickets!

 

[Fishhead]

If you keep an accurate diary, one does not need losing tickets or receipts.......but they may assist you if you are audited.

But the IRS only requires you keep an accurate and updated diary.

 

[LucaBrasi]

www.rbstaxes.com

 

[daringly]

There are easy legal ways to reduce tax liabilities. Keep track of your losses accurately being the main one.

I have more difficult issues. One of these is that corporations are only permitted to pursue "legal purposes". I cannot incorporate easily to write off expenses, as "profitable gambling" is not an interest that can be incorporated in any state to my knowledge.

I might have over 10k in consultant fees (legitimate, with IT and Ph.D Stat guys where I assign projects). Is there a legal way to write these expenses off against my winnings?

Another question... Is there a legal way to defer my income? I'm only interested in legal methods... I'd rather pay the piper now, than take ANY CHANCE of going to jail.

 

[Fishhead]

You can most certainly write those expenses off if you declare yourself a professional gambler.

 

[TheGeneral+]

Chances of going to jail is very slim for the vast majority. You will get a letter in the mail and be asked to pay.