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ukaserex
ukaserex
Joined: Jul 12, 2015
  • Threads: 21
  • Posts: 262
October 13th, 2015 at 1:23:09 PM permalink
I think the choice to go for a royal is one only you can make. In my case, I've had one on quarters, and a progressive on a $2 which hit for $11355. My AGI last year was about 25k, but I took a new job last November which has thus far paid me 36k - and I expect at least another 4k in commissions between now and year end.

In the US, and also being in Alabama, I have state tax to worry about, too. So - I set aside 25% of it just for taxes. It's earned me a whole 60 cents so far!

I see little problem with taking 25% of a big chunk of cash that I didn't have before to pay taxes on. The rest, I maxed out my IRA to reduce my tax bill as much as I can. I might have to pay some for Alabama state, but I think that 25% I set aside will go straight in my IRA for next year, because even at 40k Gross- after deductions, I'll still be in the 15% bracket. Given deductions, exemptions and what's withheld already, I'm not worried about it in the least.

Paying taxes is a good thing. It means you made money.

Paying less taxes having made more money is even better.

If I can get the tax loss statements from all the casinos, I should be quite alright.

For me, I'll go for the royal pretty much every time.
"Those who have no idea what they are doing, genuinely have no idea that they don't know what they are doing." - John Cleese

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