7/27/2006

07-27-06 - 3

Taxes for poker are so brutal. I pay federal income tax, state tax, and self-employment tax. Together they add up to almost 50% (!!). When you add that to the rake that the casinos take, and the amount that I blow off with tilt, it makes it so difficult to scrape a good profit out of the system.

But, I thought of a good way around the self employment tax - get a job! As long as I make more money from something else than I do from poker, the poker can be a hobby and the other thing can be my "real job". So, I could do something like make $40k from poker and $45k from some other job. Perhaps I could do something like software contracting a few months out of the year and make enough that it's more than I make from poker the rest of the year.

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old rants