Poker Players Pay Your Taxes

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My favorite poker rag, “Poker Pro” printed a very interesting article this month. It told of the tax deductions of the final table of WSOP 2008 that finished in 2009. The differences in the deductions were amazing. The United States collected 56% of the American winners or 7 million dollars. The Russians have a flat rate tax of 13%, BUT GET THIS, in Denmark the tax agency called SKAT. Any casino gambling money earned can be taxed up to 75%. That would mean the winner of the WSOP, Peter Eastgate, may have to pay $6.6 million of his $9.1 million grand prize.

Oh, to have such problems! It is very important to know the guaranteed amount or number of players you are up against for the amount of money you can win. Some events add money and some don’t have enough players to make the prize money worth your while after taxes. Some tournaments have an overlay which means they are giving more prize money than they’re taking in. This happens in cases of grand openings or promotions or some failed attempts at big turnouts, but it does happen. Chose your tournaments wisely and know that you will not win every one but even if you win 1 in 15, that could be a great payday. My partner and I used to cash 1 out of 6 BUT the fields were smaller than. Doyle Brunson and all the other big names have been out there year after year but more often in the days of old. the days of smaller feilds. In the beggining there was 11… players not tables

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