If you dont want to give it all back OP’s idea is a good one
Saving part of the profits every week or every month so you don’t deliver it all back to the market/house/casino
Reinvesting it all is probably not the best idea
Topic: How to manage gambling winnings - page 16. (Read 2222 times)
Let's start with how you can make money in gambling continuously (I'm not even mention the amount).
For the last three years, US inflation rate exceeds 4%, it means the 4% APY in banks is useless. Even you use the current rate which is 3.25%, it means you only gain 0.75% before tax, saving your money in banks will resulting in lose instead of profit.
The conclusion is you're talk non sense, let's see if there was a stupid person want to use your service.
For the last three years, US inflation rate exceeds 4%, it means the 4% APY in banks is useless. Even you use the current rate which is 3.25%, it means you only gain 0.75% before tax, saving your money in banks will resulting in lose instead of profit.
The conclusion is you're talk non sense, let's see if there was a stupid person want to use your service.
Earning interest for amount meant for payment of future obligation is a smart move and a sound advice. Some "finance guru" would even charge $ for that piece of knowledge hehe. Do you not make adjustments on how much you set aside for taxes? I thought gambling losses are not deductible based on your post but it is when I checked.
Yeah so gambling losses are deducible at least in my state. So if I had a losing 2 week session, then I would take 30% of those loses out of my savings account.
So yeah the basic idea is, put 15% of the prior year to start the 4%APY on a larger dollar amount. Once that 15% is your current tax liability you can start putting away 30% of your bi weekly profit into it.
Earning upto $100k in gambling per year is a good move and that means that you are really a good gambler with a profitable history. Saving part of the profits for tax payment is also a good way for anyone that want to save something for a better time. Gambling can be very challenging majorly when we are not making the kind of profits that we intend to make from month to month and year to year. I don't know if op do incur loses maybe in a role in weeks or months but anyhow, it is good for us to keep some savings so that we don't start borrowing when we start having a bad day.
Yeah so the idea is to "tax plan", but like you said you may not make as much as you did the previous year which is fine because the savings account money is yours! Some other people will buy short term bonds like 3-6 months and get 5% APY. (US tres)
I limit my risk with sportsbetting by hedging and arbitraging, so I have not had a losing month. Because of site limits I may not make $100k+ this year, but am still implementing the same tax planning strategy.
* FYI I only use regulated sportsbooks in the US that are available in my state, and do not use crypto sports sites.
Earning upto $100k in gambling per year is a good move and that means that you are really a good gambler with a profitable history. Saving part of the profits for tax payment is also a good way for anyone that want to save something for a better time. Gambling can be very challenging majorly when we are not making the kind of profits that we intend to make from month to month and year to year. I don't know if op do incur loses maybe in a role in weeks or months but anyhow, it is good for us to keep some savings so that we don't start borrowing when we start having a bad day.
Earning interest for amount meant for payment of future obligation is a smart move and a sound advice. Some "finance guru" would even charge $ for that piece of knowledge hehe. Do you not make adjustments on how much you set aside for taxes? I thought gambling losses are not deductible based on your post but it is when I checked.
If you're a profitable sports bettor or any casino player, you should make sure to save money for tax time.
Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.
I also will preload 15% of the prior years winnings into the account, so that I have a good baseline for expected tax. For example, If I made $100k the prior year, I would put $15k at the start of the next year, so that I am earning 4% APY with the money I expect to pay in taxes when I make another 100k. (I will also add 30% of the profit per 2 weeks like mentioned above)
What are your strategies?
If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me and I would be glad to help free.
Few things:
I don't use crypto sites.
I only play on sites that are regulate in the United States and available in my state.
Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.
Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.
I also will preload 15% of the prior years winnings into the account, so that I have a good baseline for expected tax. For example, If I made $100k the prior year, I would put $15k at the start of the next year, so that I am earning 4% APY with the money I expect to pay in taxes when I make another 100k. (I will also add 30% of the profit per 2 weeks like mentioned above)
What are your strategies?
If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me and I would be glad to help free.
Few things:
I don't use crypto sites.
I only play on sites that are regulate in the United States and available in my state.
Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.
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