1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

Taxes Suck

Discussion in 'Non-Vegas Chat' started by RealSolGlow, Feb 17, 2016.

Thread Status:
Not open for further replies.
  1. RealSolGlow

    RealSolGlow Low-Roller

    Joined:
    Dec 15, 2015
    Messages:
    248
    Location:
    The Motor City
    Trips to Las Vegas:
    3
    I love that because I had a few decent hits last year that I had taxes taken out on every one it put me in a higher tax bracket and that because I am a single male with no kids I apparently did not pay "enough" in taxes and there for OWE this year instead of getting a return.

    What in the heck gives! I guess since I'm 32 I need to either be married or have a custody of a child because according to the IRS I'm not doing my part or spending enough?

    I need to find me a partner like in "Chuck & Larry!"
     
  2. thecarve

    thecarve Misanthrope

    Joined:
    Aug 24, 2009
    Messages:
    4,377
    Trips to Las Vegas:
    49
    Did you have a winning year overall? If you were down or broke even but just have some W2-Gs, you can use your losses to offset your wins and won't have to pay taxes on them.

    If you did have a winning year then...dude are you really whining about it? I don't like taxes any more than the next guy. But quit yer bitchin'! :poke:
     
  3. vwhiten

    vwhiten High-Roller

    Joined:
    Aug 10, 2014
    Messages:
    988
    Location:
    Texas
    Trips to Las Vegas:
    10
    I certainly don't know enough about filing taxes -- Along with losses can you not deduct the expenses of the trip like air fare and hotel??? Take your taxes to an expert to get all your deductions-- you might be suprised
     
    36th Wedding Anniversary
  4. Sonya

    Sonya Queen of VMB

    Joined:
    Nov 28, 1999
    Messages:
    21,811
    Location:
    Western Washington
    Trips to Las Vegas:
    18
    Unless you're in Vegas for a business meeting or convention, I'm pretty sure you can't deduct any travel expenses. I know you can offset some of your winnings with documented losses, but unfortunately, I've never had the pleasure of having enough winnings to know what the process is. ;)
     
  5. miniwhale

    miniwhale Low-Roller

    Joined:
    Jun 2, 2013
    Messages:
    455
    Location:
    GA
    Trips to Las Vegas:
    30
    Really? He could be right over the next bracket but could cost him several thousand, depending on the bracket. I would complain, too.
     
  6. thecarve

    thecarve Misanthrope

    Joined:
    Aug 24, 2009
    Messages:
    4,377
    Trips to Las Vegas:
    49
    First, my post was meant as some good-natured ribbing.

    Second, the "next tax bracket" thing doesn't have any effect on the taxes he has to pay on the money he made below that bracket. So the only extra taxes were paid on money he made gambling. Unless the next bracket is 100%, he's still ahead.
     
  7. Snidely

    Snidely VIP Whale

    Joined:
    Nov 2, 2012
    Messages:
    1,962
    Trips to Las Vegas:
    20
    I own a house and have mortgage interest and RE taxes to deduct but don't you need to itemize in order to deduct your losses from you gambling winnings?
     
  8. Grasp

    Grasp Low-Roller

    Joined:
    Apr 7, 2003
    Messages:
    109
    Yes, you need it itemize to deduct losses from winnings.
     
  9. thecarve

    thecarve Misanthrope

    Joined:
    Aug 24, 2009
    Messages:
    4,377
    Trips to Las Vegas:
    49
    Fair enough. If the OP doesn't itemize or his wins/losses weren't enough to bump his deductions up to the itemizing level, I apologize for my earlier comment. Sorry, OP. :peace:
     
  10. RealSolGlow

    RealSolGlow Low-Roller

    Joined:
    Dec 15, 2015
    Messages:
    248
    Location:
    The Motor City
    Trips to Las Vegas:
    3
    I don't itemize and the winnings pushed me up and above the next tax bracket. So I have paid taxes on my work income and on my gambling income but because I am 32 now (31 and the end of 2015) with no children and don't own a home. Is what it is I guess. Time to buy a house and get into debt to avoid a higher tax penalty lol.

    Makes no sense but as I was told when filing if I were married or if I had a kid that I had custody of I would have been in much better shape and would have gotten a nice return. Is what it is I suppose but $20k in jackpots when $8k paid of that were taxes so I saw $12k of $20k in winnings and still didn't pay enough according to the IRS.

    It's been my understanding for years that the IRS hits single males who aren't married or have kids that make a certain amount of $$$. Time for the entire tax system to be redone.
     
  11. smerrian

    smerrian Low-Roller

    Joined:
    Apr 22, 2014
    Messages:
    817
    Location:
    South Jersey
    Trips to Las Vegas:
    50
    Your mistake. If you really care about staying within a specific tax bracket you will keep abreast of how your income is going. I have similar situation. It works out that I can only have $8,000 MAX in W-2s or I move into another bracket. But I'm aware of it. So I play $1 vp and when I hit a Royal I cut back to $0.50 vp and when I hit another Royal I cut back to $0.25. The following year I start all over. But I had to figure out that I could get by on up to $8K in W-2s first. The laws are set, it's up to you to plan accordingly.
     
  12. RealSolGlow

    RealSolGlow Low-Roller

    Joined:
    Dec 15, 2015
    Messages:
    248
    Location:
    The Motor City
    Trips to Las Vegas:
    3
    If you have $8k max in W2's then you are considered poverty by the Government so you do not have to pay any taxes on that. So you're saying you don't work at all above $8k a year and just call it quits because you've reached the limit?

    The poverty guideline for a single family household is just under $12k for 2015.

    Either you are playing the system by only making $8k a year and not pursuing anything further for Government handouts or I'm not on a totally different wave length then what you are trying to say.
     
  13. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

    Joined:
    Jul 11, 2010
    Messages:
    6,832
    Location:
    Tennessee
    Trips to Las Vegas:
    50
    I am not really sure what you mean by this comment. Political discussion are not permitted on this site, so I will refrain from any commentary about the system, but for informational purposes, I really don't know what you mean by the tax system hitting men worse. There are certain tax credits you get if you have children, but that applies to men and women. And the incremental tax increases on income starts at higher levels for married couples filing jointly as opposed to individuals, but those rules also apply to women as well as men.
     
  14. MsNVegas

    MsNVegas Low-Roller

    Joined:
    Jul 3, 2010
    Messages:
    107
    Trips to Las Vegas:
    100
    Taxes suck alright! We end up owing every single damn year, no matter if I go to our local casino to get a win/loss statement, get our charity deduction slip, middle class just gets screwed.
     
  15. ngrund

    ngrund Low-Roller

    Joined:
    Jun 12, 2012
    Messages:
    173
    Trips to Las Vegas:
    10
    OP-have you thought about funding an IRA for 2015 (if you are still eligible for a deductible IRA) and you have or can get the cash by April 18th?
     
  16. RealSolGlow

    RealSolGlow Low-Roller

    Joined:
    Dec 15, 2015
    Messages:
    248
    Location:
    The Motor City
    Trips to Las Vegas:
    3
    Looking into this now.
     
  17. UTE

    UTE Plastics

    Joined:
    Sep 27, 2011
    Messages:
    1,699
    Location:
    Salt Lake/Las Vegas
    Trips to Las Vegas:
    0
    On the bright side, if we have enough income to be in the highest bracket, it means we're doing pretty well. It's kind of a badge of success.

    Bill
     
  18. Sonya

    Sonya Queen of VMB

    Joined:
    Nov 28, 1999
    Messages:
    21,811
    Location:
    Western Washington
    Trips to Las Vegas:
    18
    Just a reminder that political commentary is a violation of our rules. The topic of a w2g's impact on your taxes is legitimate, but let's keep the chatter about government and the pros and cons of the system out of this or we'll end up having to close down this thread.

    Thanks!
     
  19. jamesxnj

    jamesxnj VIP Whale

    Joined:
    Oct 12, 2009
    Messages:
    1,085
    Location:
    FL
    Trips to Las Vegas:
    17
    I have gone through this same dilemma quite a few times...I have won some money playing higher-stakes Fantasy Football and the leagues that draft in Las Vegas every year are on the up and up with the IRS so any winnings over $600 are reported..(Even though the entry fee per year can total close to $2000).So any given year I can LOSE $1400 and still have to pay taxes on that minor $600 win.
    I am single and no dependents and even if I skip the standard deduction to itemize deductions (Gambling losses (Las Vegas,FL Lottery,Expenses to the Fantasy draft etc.) it is never enough to justify doing so.
    So what I do in years like this is put some $ in an IRA and take that deduction and will have to pay the taxes down the road.And still get a refund that I buy treasury I bonds with that you can only get in paper form now is via a tax return..
    Whatever tax bracket I am in meant an additional $4000 in income (gambling) was a $1000 swing in tax return..a $3500 IRA contribution got me $600 in bonds and $27 in change.
    I don't mind paying taxes-My beef is that the 'jackpot' limits were set so long ago they are a joke in this day and age...
    My two cents..GL to the OP
     
  20. wanker751

    wanker751 Dutch Rudder Enthusiast

    Joined:
    Sep 23, 2014
    Messages:
    4,707
    Location:
    Chicago
    Trips to Las Vegas:
    13
    Yeah there is no man tax!

    I ran into this "problem" when I was younger, though I am the OPs age essentially. I won a poker tournament only to find out I could not write off my losses. It does stink taking standard deduction and not being able to write off losses, but often by taking standard you write off more than you have in deductions I suppose there is give and take in there.

    Good thing Nevada has no state income tax, I had to pay Indiana state taxes as well as it on federal and illinois [though I could off set Indiana on illinois]
     
    Downtown - Wanker Returns after baby!
    Wanker Returns After Baby
Thread Status:
Not open for further replies.