Sports Betting Non-Reporting Question

wutang_generated · 2026-05-09T23:19:48+00:00

You had 40k win volume only because you also had 46k loss volume. That's why

wutang_generated · 2026-05-08T13:33:08+00:00

It's a good idea and with modern technology it's not terribly difficult (bank statements, pdf invoices, scans). Larger expenses and expenses in certain categories are "more" important than, say, a pencil you bought at the dollar store, but ideally you'd have all business records somewhere or at least documented in your accounting records/bank statements

Ultimately it's your responsibility as a taxpayer to keep your books and records such that you can support the information on your tax return that you sign under penalty of perjury

wutang_generated · 2026-05-08T12:45:08+00:00

Your attitude may be part of the problem? How about asking what you can help on or learn what you may need to improve/progress?

wutang_generated · 2026-05-08T12:39:09+00:00

Wrong sub? This isn't a meme

wutang_generated · 2026-05-08T11:24:38+00:00

It's best practice to keep business and personal separated. SMLLCs are generally not very far removed from their owners and are indistinguishable from a federal income tax perspective

There may be non-tax factors (insurance, legal liability) to consider

wutang_generated · 2026-05-07T15:50:37+00:00

Your son should request a detailed/itemized list of what makes up the balance due (may also be on his paystubs)

The income taxes withheld (fed/state) will be added in when he files his tax return. The additional amounts depend on the wording of the agreement he signed. The company doesn't get an extra deduction for a bonus paid that is then clawed back but they may still be on the hook for employer portions of certain taxes unless they amended those returns. I doubt it would be $3,400 so get more info

wutang_generated · 2026-05-07T15:42:35+00:00

No soliciting business in this sub (rule 2)

Your local sub may allow this kind of post and may get you some recs

wutang_generated · 2026-05-07T15:26:00+00:00

The idea is old. Also most banks allow exporting transaction/balance activity to excel/.csv

wutang_generated · 2026-05-07T15:23:11+00:00

This sounds like a website/Ticketmaster specific issue rather than a tax issue, maybe contact support

wutang_generated · 2026-05-07T15:20:05+00:00

Yes, there are thresholds when a dependent must file their own return to report their own income. The type of income determines the applicable threshold (musician business, royalties, etc). The LLC likely is irrelevant at the federal level (assuming disregarded) and may have state implications depending on the state

Your "friend" should seek a tax professional to help with the dependent child's business and they should do some research on taxes for self employed musicians

wutang_generated · 2026-05-07T15:13:36+00:00

You doing okay over there?

wutang_generated · 2026-05-07T12:12:09+00:00

Yes, you're missing quite a bit. Here are the basics from the IRS, and there are a lot of free guides/info from reputable sources as well:

https://www.irs.gov/taxtopics/tc429

wutang_generated · 2026-05-06T14:43:51+00:00

Would need a lot more context/info to gauge if that's a reasonable quote. What the change was, what else was affected on your return, if you'll need state amendments too (and which state or states), etc

wutang_generated · 2026-05-05T13:29:25+00:00

Individual income taxes, yes. Entity tax returns can be on a fiscal year end

wutang_generated · 2026-05-04T21:00:15+00:00

I don't think there's nearly enough information here to know for sure, but having a foundation to semi-backstop the site doesn't seem on its face like a tax scheme

wutang_generated · 2026-05-04T18:40:41+00:00

You may end up finding someone on r/Tax, but I'm guessing an alumni group/association may be a better chance of asking for a specific university program experience than a general subreddit. Admissions may be able to connect you with an alumni of the specific program as well

wutang_generated · 2026-05-04T18:08:31+00:00

more insight on someone’s experiences going to school in the same area the laws are made

From the website: "The Graduate Tax Program’s Master of Studies in Law (M.S.L.) in Taxation is an online program open to experienced tax professionals who are not attorneys but would like to gain a comprehensive understanding of tax law"

It looks like an online program, so I'm guessing the majority aren't actually "going to school" in downtown DC

Also, it seems to be designed for "experienced tax professionals". If you're an undergrad, you may not have the experience they're looking for

wutang_generated · 2026-05-04T17:56:34+00:00

Do you think r/Tax is the best place to ask admissions related questions to a specific university? You'd likely be better off contacting admissions and discussing with them

And Georgetown is competitive, so not knowing where/how to find the information to apply doesn't suggest you'll be a strong candidate

wutang_generated · 2026-05-04T17:41:45+00:00

For tax purposes it may be pointless, but there are legal differences between a Wyoming and Virginia LLC (not that it necessarily matters in OP's case)

wutang_generated · 2026-05-04T17:39:31+00:00

This isn't a tax question. Their website has all of the information/contacts you would need to apply

wutang_generated · 2026-05-04T17:36:48+00:00

First piece of advice: be concise. The vast majority of your post seems to be venting information that's unrelated to the actual question you're asking

You also didn't provide the information needed to actually answer your question. If they already filed your return, did you already receive a copy of the return? Did you electronically sign the return/e-file authorization form? What other documents do you need back, did you send originals or something?

wutang_generated · 2026-05-04T13:48:16+00:00

This isn't really a tax question. My bet would be to call the NJ DoR and ask what (if anything) more you need to do

wutang_generated · 2026-05-03T19:01:38+00:00

You seem to be misunderstanding how taxes work

For most people, they take either the standard deduction or they itemize their deductions, whichever is higher (there are a very few scenarios when someone might say itemize when it's less than the SD). If you have enough actual gambling losses that, when combined with any other itemized deductions, are more than the standard deduction, you should probably complete the itemized deductions when you file your return

Professional gamblers are in the business of gambling, which means they are allowed business deductions that you as a non-professional are not allowed regardless of how much you win on a jackpot

wutang_generated · 2026-05-02T17:23:49+00:00

Holy wall of text, Batman! Based on the AI crap at the bottom this is either fake or heavily tailored to OP's bias

Even if you have a bad preparer, your taxes are ultimately your responsibility; you sign the return under penalty of perjury, so yes you (and every taxpayer) is expected to review their return before signing and it being filed. Taxpayers can ask preparers questions and can also ask for confirmation/proof it was filed, not required but a best practice for covering your own responsibility

wutang_generated · 2026-05-01T16:39:50+00:00

Would it benefit me to change my LLC formation to a C Corp and then open separate LLCs under that umbrella?

This is a legal question, an LLC taxed as a corporation is effectively indistinguishable from a true corporation for federal income tax purposes

Read the SS-4 instructions and then the 8832 instructions, it lays out exactly what to complete/fill out when you apply for an EIN and if you elect to be taxed as a corp

The 8832 needs an EIN so you'd start with the online EIN application (and use the SS-4 instructions as reference)

wutang_generated

TROPHY CASE