Quote:
Originally Posted by Buehler445
I work for an accountant during tax season, so my advice is limited.
My buddy uses Turbo Tax. He tried to take deductions on a listed vehicle and threw in the towel (He's a CPA). Probably works OK, but don't try to deduct vehicle usage.
Honest answer, get a better accountant. I don't think my accountant charges 1500 to anyone but a few giant customers she has to spend a shitton of time reconciling junk books or complicated notes and intercompany bullshit.
I'd bet I could knock yours out in a couple hours with a half hour of setup and an hour of review, and I'd bet she'd charge you <$500. Obviously that would depend on what all you have and what you have for records, but if it were me (me being some version of me not working for an accountant), I'd just find a better accountant.
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Whenever I bring up the gambling income, and that wanting to file as a pro they start to freak out and tack on a "0" on what my tax return should cost. I don't think many have a firm grasp on how to do it.
For example, say I've played 200 poker sessions in one year. Lets say I came out a winner in 100 of those sessions for $300,000. The other 100 sessions I lose $300,000. It's ludicrous that I would be taxed on the $300,000 I "won" when in reality I would have profited $0 for the year. Same can be said for a tournament player, he could have played in 50 tournaments, won $70,000 in those tournaments (and been 1099'd or whatever the tax form they give us is when we cash in a tourney), but paid $120,000 in entry fees. To tax him on the income even though he's down $50,000 is silly. From what previous accountants have told me, it's easy to file as a pro federally but apparently the state tax with Kansas is really ****ed up on what you have to do. If you don't file as a pro in Kansas, you can't subtract your losses from your GROSS WINNINGS, which isn't your year profit anyway. I could be wrong on that, but that is what I generally am told by other accountants. Most of them are always confused about doing it so that has been the biggest hurdle.
Also, when filing as a gambling pro there usually is a way to deduct travel, hotels, entry fees, software & other expenses relating to it etc