And scene. Good work guys.
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Quoted from KeithinMI:You are, of course, disclosing your $500,000 a year in gambling winnings on your income tax returns, right, including your additional $800,000 a year from pinball? 1.3 large is a lot to make and not tell Uncle Sam about.
Quick hypothetical-only calculations according to IRC:
$500,000 of ordinary income, presuming no tax-sheltered investments equates to about $230,000 in income-tax due include SE tax & FICA, presuming 46% total tax bracket at that income.
If $800,000 as gross, figure no corporate structure so income would flow through schedule C, assume 50% of that as deductible expenses (way overestimated but this is all hypothetical and for schiznits & giggles anyhow), so $400,000 bottom line income on Schedule C taxed as ordinary income would equate to another $184,000 in income tax liability.
total tax liability per year: $414,000.00, or quarterly estimate payments of $103,500. Actually I think at that level, monthly estimate payments would be required, so $34,500 per month due the IRS in estimated tax payments. THAT'S a lot of quarters in pinball machine just for taxes.... 138,000 of them to be exact!
Don't get behind - the IRS is not fun to deal with.
Oh - just for fun also -- pursuant to IRS Circular 230, this email is not intended to serve as tax advice, tax consultation or any other advice regarding tax payments, tax liability or avoidance thereof.
Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of avoiding penalties imposed under the United States Internal Revenue Code or promoting, marketing or recommending to another person any tax-related matter. Consultation with a tax professional is recommended for proper advice.
I have no idea what you said sir, but I like it.
Quoted from ElectricCircuit:Keith I don't have a job we already went through this. I am a stay at home dog- father. I get pins from my dad's business and sell them for him even though it's none of your business anyhow. No need to throw numbers around anyone can calculate income taxes. You must feel powerful being a lawyer, no wait no one cares. And you must not make much in the business as you're trying to give people tax advice for free.
Ok so what I have gathered so far....
We are talking to a millionare gambler.
That gets hand-me-down pins and arcades from pops.
That mentally snaps at any judgement or questions. (confirmed now on 2 sites)
Brags about his income to strangers who don't care.
That has no job but states he makes $400 an hour.
If any of you believe this I have a very lucritive plot of land I would like to sell you.
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