POKER INFO - Poker Taxes

ok, say in a few years i become an online pro poker player, say i make exactly 100 thousand in a year, while following the tax rules, what is the BEST way to pay the least amount of money in taxes, what numbers am i looking at? make 100 thousand and keep 75 thousand of it? i would GREATLY appreciate an email back with a detailed answer explaining everything. Thx

What's the tax effect of winning a seat in a satellite, but not placing in the money? Is the value of the seat counted as income at fair market value, or--I would have to think--both income and an expense, since you're actually using it to gain entry for the real tournament?

Hello, I am inquiring paying taxes on Online Poker winnings. I was if being an internet player I am suppose to keep a log?

keeping a log is a good idea. It will show the IRS that you keep track of how much you made.

If I win the Aruba Classic, hosted by Ultimate Bet in Aruba (outside of US) and Ultimate Bet is not a US company, would I have to pay taxes on my winnings? Right now 1st place is guaranteed at $1M.

yes, if you live in the United States then any money you make is taxable - no matter where you make it.

any amount you make is taxable income, period. There are no shortcuts, or removing in small amounts. These will all catch up to you eventually.