Not really a gambler, and while basic tax information provided to customers who helped me with business matters, I am not a tax lawyer, and then listed my clients professional tax for their fiscal needs. That said, I really enjoyed reading “all In against the IRS: tax guide for each player” by professional tax lawyer Stephen Fishman, J.D. The book is short, very readable and believe it or not, very interesting, although the subject is what many people would consider boring-taxes.
One of the things that make it interesting and readable for everyone, not just those of us with J.D. or CPA behind our names, is the fact that the Fishman wrote the book in simple language, easy to understand and with a more conversational tone, rather than a boring tax guide. The book begins with a short chapter on the rules of the game, and his first rule States that players are not treated equally by the IRS, he suggests that maybe it’s because gambling is viewed as sinful, but regardless of the reason, players are dealt with very harshly by the tax laws. If you’re a gambler, or if assist players with their taxes, this is a very valuable book. (Then you could just weird like me and find reading about how the IRS treats certain categories as interesting.)
After his ten short game rules, chapter two discusses the IRS knows what and when. This chapter deals with things such as W2 forms-1099-MISC, G and 5754 form. What you need to know is that some winnings are reported to the IRS. Fishman explains what they are. The third chapter explains how and when taxes are withheld from your winnings.
Chapter four is where the book became more interesting than how the IRS will want to determine your annual WINS and losses. Just can’t come tax time and say, “well, I won about 10,000 last year, but I missed more than that, so I don’t have to do anything.” That is, how does the IRS include things, and if not reporting the correct way, can cost you.
Fishman shows how to document your victories and defeats in Chapter five and then how to report it on income in Chapter 6. He then imposed State address in chapter seven. Up to this point, all aimed at casual players or recreational facilities. In the eighth chapter, the author shows what it takes to qualify as a professional player, and how tax laws are different if you actually qualify for the IRS guidelines for this State. The book ends with a register of champion gambling in an appendix.
After reading this book, I bet (pun intended) that most people who play do not report as required by the IRS. Reading this book will enlighten you on what he wants and the IRS requires you to keep you out of hot water, if you ever are looking. Fishman notes even when seem more and when they don’t. I also like that he understood that the IRS you want illegal betting winnings of relationship and not get on to the judicial authorities for illegal gambling, they just want their cut. Hmm, would still want to think about that one, but remember how Al Capone was finally jailed.
As with any book, they change the laws, and this also applies to the tax laws. The laws in this book are current and accurate right now, because Fishman just wrote, however, could change. So always encouraging people to use books like this as a guide, but make sure that the laws are still accurate, or work with a professional fee that keeps with the changes. The book provide places to go also control laws and the author may want to work with a tax professional for specific circumstances. If you’re a gambler, or help players with taxes, this is a very good guide that is easy to read, outlining what the IRS wants and needs when doing taxes. Provides information that the author says it will be, and it’s really tax guide of each player.