Earn the money. Pay the money
Yes, and what sucks is my accountant (my mom) is telling me I need to pay estimated taxes for the year or potentially pay penalties next year. Does that sound right?
Did you guys get tax forms from the different sites?
I got a 1099-misc from Foxbet/Stars, but determined it was from Casino bonuses and awards, not sports. Have not received anything from any other book.
Yes
You need to pay the taxes on the income as you earn it
Q1 estimate not due until 4-15-22
Same boat as coaster. Got a 1099 for about a grand from foxbet. No other documents
I have not received a single tax form from any of the legal sites either year. I remember hearing they only send out if you hit something like a 300/1 parlay but no idea if that is true.
Or you can just be like me and ignore the estimated payments, the fees I’ve paid the last couple years have been pretty small. Is it based on a percentage of what you owe or will they start increasing them every year if I keep doing this?
So this is one thing I had questioned. She made it sound like you put in your estimate once per year and then pay based on that. But is it possible to just pay based on actual earnings each quarter? I’ve had a really good 1st quarter so far, but don’t want to pay 2nd/3rd/4th quarter taxes on the assumption this winrate will continue.
I’ve been considering going to an actual CPA instead of my mom who is a retired forensics accountant, but you can’t beat the price.
Good news for Houston bettors (I think). The SMU/Wichita St game that was going to be rescheduled has now been canceled since the teams couldn’t agree on a date. I believe Houston would have to lose two games to lose the regular season title, with one of them being vs SMU Saturday. News is reflected on most books as they are anywhere from -2000 to -2500 right now.
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Houston cashing that check
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this Cavs team just isn’t good enough to hang in there for the division, sweat is to make the playoffs now, sigh.
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Still was a great sweat at 100/1. Garland really needs to do everything with Levert out.
In other news, online registration is now available for Illinois residents. Believe MGM and new/updated Caesars are the new additions.
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well the cash out feature (except draftkings sigh) I can still eat a value loss and lock up not bad profit here.
playoffs are still a sweat for me at any rate, really want them to get there
Sigh. I can’t believe Wisco blew this. Will wait and see how FD grades these bets.
They give the tiebreaker to the team that gets the 1 seed.
I understand that part. The rules stated, “If unquoted selection wins, all bets to be void.”
Follow up: They initially graded the bets as losses. Sent them an email before I went to bed. When I woke up I saw they were all re-graded to “void”. Nice.
Ah yeah forgot you’re also in Illinois, so it should be void. Glad it worked out.
Illinois just reopened online registration, I see BetMGM and Caesars are now offered here.
Are there any special signup bonuses or just the $1k Risk Free bet offered by each?