Am I right to expect a lot more folks attempting to file as poker pros in the 2018 tax year? A sole proprietor will get a 20% deduction on his/her pass through income. US based players will be much better off winning WSOP main as a "pro" in 2018 than as an amateur
There's also the issue of wages v. profit. Have to allocate certain % to wages, which are subject to higher individual rates and payroll tax.
-
-
As a sole proprietor wouldn't it be all profit?
-
Short answer is "no". Long answer is "it's complicated and depends on the final bill". See here for some background: http://www.wealthmanagement.com/high-net-worth/tax-reform-proposals-pass-through-entities …
- 7 more replies
New conversation -
-
-
I'm just speculating as a lay person, I certainly have no training as a tax accountant
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.