AP Taxes
For example, If my team and I combined wins totaling $200,000 in the 2014 tax year, $20,000 in total expenses from hotel, plane tickets, gas etc. And have $80,000 in total loses. Let's say out of that total $200,000 won, $50,000 of it is used to pay spotters etc. So would I personally claim (wins $200,000)-(expenses $20,000)-(loses $80,000)-(pay spotters $50,000)= $50,000 is what I would claim on my taxes after this year? Or am I missing something?
Thanks
If you're going to employ people, you can't do it under the table...
Quote: sauceyyyDo you play on a team or how are you so sure? Just want to make sure I'm getting the correct information nothing personal at all.
Contact a CPA for correct info, don't rely on any internet forum.
Quote: bwContact a CPA for correct info, don't rely on any internet forum.
I would not trust a CPA unless you know for a fact that they are good. Pay for an hour of a lawyer's time.
FREE ADVICE IS WORTH THE PRICE !
Quote: AxiomOfChoiceI would not trust a CPA unless you know for a fact that they are good. Pay for an hour of a lawyer's time.
Exact same thing could be said about the lawyer.
Quote: bwExact same thing could be said about the lawyer.
Watch out or Aceofspades will file a class action suit against you and me.
Quote: bwExact same thing could be said about the lawyer.
I lawyer giving incorrect advice in his field would be rare.
CPAs give bad advice all the time. It's not a hard exam; anyone can pass it. Most of them don't know how to do anything other than put your numbers through turbotax. You can't compare what's required to be a licensed lawyer in any state to what's required to file someone's taxes. Go to H&R block around tax time if you don't believe me.
Lawyer here. The CPA exam is pretty hard. Some people would say its as hard or harder than the bar exam. The thing it has going for it is you can take the three separate parts at different times and keep going until you pass all three (i.e., pass one, fail two, keep taking the other two until you pass). You can't do that with the bar exam. I'm thinking of sitting for the CPA exam in my state. I only need 20 class hours of accounting and I can do them online. Fun!Quote: AxiomOfChoiceI lawyer giving incorrect advice in his field would be rare.
CPAs give bad advice all the time. It's not a hard exam; anyone can pass it. Most of them don't know how to do anything other than put your numbers through turbotax. You can't compare what's required to be a licensed lawyer in any state to what's required to file someone's taxes. Go to H&R block around tax time if you don't believe me.
Buzz: Independent contractor is not hard to prove. There are only about 10-15 rules you have to meet. In fact, I would wager that IC's are starting to outnumber regular employees, if they haven't already. It's the new normal. (I'm an IC). Whether it's fair or right is another question. (I'm definitely an "employee" in the layman's sense, in that I go into the office everyday at a certain time and do what the boss tells me to do. But the company/law considers me an IC. It's going to suck at tax time).
Technically, you're not. But if a truck driver (IC) doesn't get his load to Tulsa on time, well...you're not going to be working for that firm for very much longer. My firm is less strict about deadlines than most employers but there is still an inherent timetable, of course.Quote: 1arrowheaddrIsn't going to an office at a certain time and doing what a boss asks WHEN he tells you to enough to make you an employee? I thought an IC couldn't be told when she had to do a particular task.
To be honest, a good case could be made that we are employees rather than IC's. But our firm treats us very well otherwise, so I don't have any axe to grind.
In fact most strip clubs have what's called mandatory tip-out, the stripper has to pay a fee for being allowed to work to the club. Its a minimum tip-out and then a percentage of their tips if they did good. The club will usually assess a fine if the girl doesn't pay or can't and then she has to pay the fine if she wants o strip at that club again.
Quote: darkozstrippers are IC's but have to be at the job at specified hours.
In fact most strip clubs have what's called mandatory tip-out, the stripper has to pay a fee for being allowed to work to the club. Its a minimum tip-out and then a percentage of their tips if they did good. The club will usually assess a fine if the girl doesn't pay or can't and then she has to pay the fine if she wants o strip at that club again.
Yeah, nice racket the strip clubs have. Not too many other businesses have people paying the owner to work there.
It's pretty easy to be an IC; there are good boilerplate contracts online that protect each party's interests and rights in the transaction (though a personal attorney is worth the expense), and filing taxes as an IC is relatively straightforward. The big thing is to put enough away to pay both your taxes and both sides of the required FICA payments @ 15.4%. As an employer, it's even easier, because it's straight salary with no rollup benefits, and you just issue 1099's to show the gross payment. Of course, both sides have to be honest in their accounting of payment vs. earnings. And as an IC, you have to track your expenses, keep receipts and the like, but that's also pretty easy if you don't let it pile up. A year's worth of receipts and stuff thrown in a box is a nightmare at the end of the year, but pretty easy to update a couple times a week.
Quote: bwYeah, nice racket the strip clubs have. Not too many other businesses have people paying the owner to work there.
Local race car driver. People pay to come watch. I have to pay to come race.
So...I'm just like a stripper. Except I get paid worse ;)
Quote: FaceLocal race car driver. People pay to come watch. I have to pay to come race.
So...I'm just like a stripper. Except I get paid worse ;)
Do you at least get prize money for winning the race?
Quote: bwDo you at least get prize money for winning the race?
Top 10 per race, top 10 in standings at the end of the season, plus sponsorships, yes.
But I could make more stripping. Hell, I could make more sitting on the couch doing nothing. Money wise, racing is huge -EV. It makes keno look like a good investment lol.
Quote: teddysLawyer here. The CPA exam is pretty hard. Some people would say its as hard or harder than the bar exam.
Ok, I don't know how much this varies by state, but I remember when my soon-to-be-lawyer friends were studying for the bar in CA, and it was BRUTAL. So much (mostly useless) information to memorize.
Quote:The thing it has going for it is you can take the three separate parts at different times and keep going until you pass all three (i.e., pass one, fail two, keep taking the other two until you pass). You can't do that with the bar exam. I'm thinking of sitting for the CPA exam in my state. I only need 20 class hours of accounting and I can do them online. Fun!
That is my point. 20 class hours? How many class hours for your law degree? I don't see how you can compare the two. One requires a real education, the other requires half a week of class.
Imo whether you're "professional gambler" or not should be private information, due to the nature of the job.
Quote: BuzzardLeavenworth is beautiful this time of Year. The independent contractor boat sailed years ago. They are your EMPLOYEES !
They are certainly not employees.
Quote: AxiomOfChoiceOk, I don't know how much this varies by state, but I remember when my soon-to-be-lawyer friends were studying for the bar in CA, and it was BRUTAL. So much (mostly useless) information to memorize.
That is my point. 20 class hours? How many class hours for your law degree? I don't see how you can compare the two. One requires a real education, the other requires half a week of class.
I got kicked out of law school. To make a long story short, I managed to take the exam anyway and get certification. There were subjects tested that I had no classes on. My score was well above average. My point is, the exam isn't as difficult as is popularly perceived. It is grueling, however, and more than half fail their first attempt. Mostly depends on if you study. Knowing and following the format, memorizing some key rules, and recognizing some nuance are really all it took. People pay thousands for study programs. Why? Really, because they don't want to study themselves, and so the programs often don't work--or possibly, they know they will pass but want to inflate their score.
But yes, even having the experience, it's hard to fathom that anyone can seriously consider the CPA exam the harder test, as a general matter.
Quote: SonuvabishI got kicked out of law school. To make a long story short, I managed to take the exam anyway and get certification. There were subjects tested that I had no classes on. My score was well above average. My point is, the exam isn't as difficult as is popularly perceived. It is grueling, however, and more than half fail their first attempt. Mostly depends on if you study. People pay thousands for study programs. Why? Really, because they don't want to study themselves, and so the programs often don't work--or possibly, they know they will pass but want to inflate their score.
Given your approach to blackjack, I am going to go out on a limb and guess that your memory is much, much better than average. I suspect that you can read over something once or twice and then remember it well enough to pass a test on the subject. Most (normal) people have a very hard time absorbing the amount of information that you're required to regurgitate on a bar exam. This is why I really think that you should consider getting into card sequencing.
Quote:But yes, even having the experience, it's hard to fathom that anyone can seriously consider the CPA exam the harder test, as a general matter.
Even more than the test, the amount of education required is not comparable.
Quote: AxiomOfChoiceGiven your approach to blackjack, I am going to go out on a limb and guess that your memory is much, much better than average. I suspect that you can read over something once or twice and then remember it well enough to pass a test on the subject. Most (normal) people have a very hard time absorbing the amount of information that you're required to regurgitate on a bar exam. This is why I really think that you should consider getting into card sequencing.
Even more than the test, the amount of education required is not comparable.
Thank you for the compliment. I'd like to think you are 100% correct, but I doubt you are. In studying for the bar, I looked for patterns in sample answers, essays are where topics were tested that I had no familiarity. The first step on the test is to identify the topic of the question. The second is to write down your pre-written answer--add or subtract things pertinent--mostly just add what you can remember. You can basically almost ignore the actual question, because you have no clue as to what it's asking. Multiple choice is all about eliminating the trick answer, and there are patterns there as well.
My count relies heavily on external cues. All I have to do is remember to set them and incorporate them. Sequencing lacks precision. Precision appeals to me. I don't think I've got the skill set. Maybe I do, but I have to want it before I can do it well. I have no hunger. Sometimes I expect an Ace it comes, but it's my count that tips me off to the fact that there is a huge surplus of aces. I've never once noticed a key card. I guess that's the main reason. I have never seen any patterns.
It basically the intellectual equivalent of lifting a boulder. Just pure mental exertion. Thankfully I'm pretty good at learning stupid stuff -- like video poker strategies...:-)
Quote: teddysFWIW, the Calif. bar exam is ASS-HARD, by far and away the hardest bar exam out of the 51. The one I took (Ohio) is only harder than average. My buddy got licensed in New Jersey because they have the easiest test. (His job only requires him to be licensed somewhere. He took the exam in AC -- the trip there was pretty fun :)). But the easiest is Wisconsin where you don't even have to take a test if you went to law school in-state!
It basically the intellectual equivalent of lifting a boulder. Just pure mental exertion. Thankfully I'm pretty good at learning stupid stuff -- like video poker strategies...:-)
Fair enough. All my lawyer friends live in CA so I don't know what anything else is like.
Quote: teddysFWIW, the Calif. bar exam is ASS-HARD, by far and away the hardest bar exam out of the 51. The one I took (Ohio) is only harder than average. My buddy got licensed in New Jersey because they have the easiest test. (His job only requires him to be licensed somewhere. He took the exam in AC -- the trip there was pretty fun :)). But the easiest is Wisconsin where you don't even have to take a test if you went to law school in-state!
It basically the intellectual equivalent of lifting a boulder. Just pure mental exertion. Thankfully I'm pretty good at learning stupid stuff -- like video poker strategies...:-)
I took the District of Columbia exam. It is considered to be the second hardest exam with a first time pass rate under 50% just like CA, so I have read. No others fall below 60%. I don't think there is very big difference between the exams, and the rankings are arbitrary. Differences lie in having to take an extra section, or in being tested in state law. Due to score weighting, this can actually be favorable to a candidate with specialized knowledge, who may be critically deficient in a primary area. I probably benefited from the extra section in my test, because 25% of my grade went to research and writing, a strong subject for me--a topic ignored by most exams. Almost certainly, I would have scored the same or lower on an 'easy' test.
The reason why the disparity in pass rates is so high for California is because they have the most lenient rules to take the test. Many unqualified persons, or otherwise dumb persons, are allowed to try and fail. Most states have rules that prohibit this. It may indeed be slightly harder, but the statistics are illusory, creating the impression it is twice as hard as some tests. That is surely not the case.
