Everyday I take a screenshot of my bankroll, and write the total on an excel spreadsheet. Then at the end of the day, I take another screenshot, and write the total. I keep track of my daily profit, and then I have a column for my running profit. When my running profit(generally a week or 2, gets to a certain point, I enter that into my quickbooks. I keep track of my deductions for poker, Ie, Computer, trips to AC, Internet bill, office space, Ect. Then quickbooks creates the balance sheet for my accountant. The more you keep track the better.
Hope this helps
Goodluck.

Im also a bit worried bout my tax situation this year, I havent been keeping records of ALL the tourneys i play. would using the pokerdb to track your wins/losses be a suitable alternative to monitoring net winnings?

thx spider

Lance,

You need to speak to an accountant about this issue!!!!!!!!

I cannot stress this enough. The most common reason I know of for people making mistakes on their taxes is that they try to save a couple hundred bucks by not actually talking to a trained professional to get things right. Posting on a poker forum about it isn't going to help you solve your problems---it may cause you to make even more mistakes that could be extremely costly to you. Talk to an accountant---that's by far the most reliable advice you're going to get here.

A lawyer actually challenged this and was able to forgo personal income tax as it is not constitutional.

^^^^^^^^^^
Ummmmm no.

Here in America we are governed by "THE LAW",..that is...the United States Constitution and protected by it and The Bill of Rights. Under this system it is "We The People" who are the rulers, not the government we elect. The Constitution is the sole authority that ALL must obey including the Government. If a law IS lawful and is not in violation of the Constitution, then we are to obey it and make sure the government does too. If the law, including the Tax Law under Title 26 USC says we have to pay a Federal Income Tax then we are required to. HOWEVER if the law does not say we are required to file or pay a Federal Income Tax then we are not to pay it.

The problem is that Title 26 USC was written in such a way as to deceive the American people but at the same time tell the truth. That is why the referrence sections of each section was removed from the last issue of Ttile 26 but did exist in the previous issue. When you investigate it you will find something very interest. According to the LAW, USC Title 26 known as the Internal Revenue Code, the final section in which we are to determine our Federal Income Taxs is burried in a little known section under Subsection "N" section 861. In this section it makes the final determination as to WHO owes Federal Income taxes. You will be shocked to find that you will not find the DOMESTIC income of US Citizens to be taxable. Foreign income yes, Non-Resident Aliens yes, Foreign Nationals yes, but NOT the domestic income of US Citizens. Domestic income means any money you made within the 50 States and it's NOT taxable.

These people saying there is no Income tax law are correct. People have been aquited of tax avasion because no law could be produced. WIth that being said get a CPA and pay that extra few dollars they want, just not worth it.

Well Dixiecrat like I said A direct unapportioned tax is unconstitutional and guess where that is said..................... the 16th amendment i believe, and thats why the people who have taken the IRS to court on this are UNDEFEATED in the last 7-8 years or so , none of them went to jail .................. keep up your blind alligence to a corrupt government that uses the constitution as toliet paper

Link?? Was my understanding that every one of these cases has failed.

Its something like 46-0 for those court cases, but you to challege the IRS and the judge to find the law that states you have to pay and since there is no law the jugde has to drop the charges agaisnt you

www.freedomtofacism.com watch the video it explains things better than I ever could. BTW my uncle was an IRS agent for 15+ years and hes the one who told me about this stuff.................

<span>Great, everyone stop paying your taxes, beacause you don't have to. The country will be better off for sure. Your profile says your a student Caleb, you get any Perkins or </span><span>Stafford</span><span> loans? Who pays for that? Who picks up your trash on Mondays? You fixes the roads in town?

One of his "primary objectives" as listed on the website is to </span>Protect our borders. <span>How do you plan on paying military personnel to do that if there are no taxes as a primary source of income? Even soldiers in the Revolutionary war were paid some sort of stipend.

I'm tired of people living in the </span><st1:country-region><span>U.S.</span></st1:country-region><span>, taking it for granted and then complaining about how it's run. Maybe you would have a better life if you were born in a third world country? or one of the many countries that force you to join the armed forces before you can even think about going to school, let allow choose the school of your choice and get gov't assistance to pay for it. How about you move back to </span><st1:country-region><span>England</span></st1:country-region><span> or another sovereign state. Things are obviously run better there. How about </span><st1:country-region><span>England</span></st1:country-region><span> where the Queen is the richest woman in the country, yet a one-bedroom apartment in any big city is 4500/month.</span>

If You dout my statments watch this video ^^^^^^^^^^^^

On another note if the governement were to reforment the income tax and make it apportioned and make it LEGAL and constitutional it would be completly legit and I would be almost happy to pay it. I understand that taxes pay for SOME things, but my problem is with the violation of the constitution and this is unexcusable, and makes me sick that the goverment does this not only with the income tax, the federal reserve is also unconstitution, the patriot act is so redic among other things the gov. does.

If you still dout this is true, then go to your accountant and ask them to find the law or even better make a trip to an IRS office and ask them to find the law.

I personally asked my family's accountant about this and asked her to find the law a month later she told me she could not...........

Many a person has gone bankrupt or gone to jail trying this approach. You make it appear to be easy, its not even close to as easy as you assume it is.

Yes, scgolfer is right. I am a CPA and I have contested tax cases before the IRS. The idiots that say there is no legal liability to pay taxes are really really stupid. Caleb....the IRS won't waste their time coming after you because you are a student and there is nothing for them to get, but just wait until you get an inheritance or own some property. They will levy your butt to the hilt and you will have no legs to stand on. Trust me. I've prepared many "settlement" agreements on behalf of donkeys like you with the IRS when they were forced to either pay or go to jail for tax evasion. In every case the "settlement" amount paid was considerably higher than they ever would have paid by filing initially like they should have.

To the original poster.....see a CPA immediately regarding the letter. Do not put it off and do not try to deal with it yourself. These letters are nothing to panic about either as they are really very common. Most of the time it is just the IRS fishing around. A very well put together explanation or amended tax return will do the trick most of the time for minimal cost.

Ever heard of the House ways and means committee Caleb? That is the Congressional beginning of tax law. They propose new legislation and it gets voted on by Congress. Congress passes it and the President signs it into law. Every piece of legislation goes through this process even if it isn't tax legislation.

This is directly from wikipedia.org:

"Congress proposed the Sixteenth Amendment (ratified by the requisite number of states in 1913<SUP class=reference id=_ref-2>[3]</SUP>), which states: <BLOCKQUOTE>
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
</BLOCKQUOTE>
The Supreme Court in Brushaber v. Union Pacific Railroad, <SPAN class=plainlinksneverexpand>240 U.S. 1 (1916)</SPAN>, indicated that the amendment did not expand the federal government's existing power to tax income (meaning profit or gain from any source) but rather removed the possibility of classifying an income tax as a direct tax on the basis of the source of the income. The Amendment removed the need for the income tax to be apportioned among the states on the basis of population. Income taxes are required, however, to abide by the law of geographical uniformity. Some tax protesters, conspiracy theorists, and others opposed to income taxes cite what they contend is evidence that the Sixteenth Amendment was never "properly ratified". "

I just highlighted the key concept in a huge Supreme Court decision that stated that even before the 16th amendment the federal government had the right to tax. All future court decisions are based upon past precedent which means that they build on past decisions.

Jesus Caleb stop posting this crap on here as you may mislead someone into making a terrible mistake. I have seen 40 year old people lose everything they have worked for their entire life because of this idiotic argument. I know you will probably never change your mind but I just wanted to set the record straight for anyone else who may read this.

Pay your taxes, be a solid citizen, and help old ladies across the street!