An overview of tax and retirement strategies that every serious gambler should consider. This webcast is slanted towards gamblers who file as professionals, but there is content applicable to all gamblers. Book Recommendation: Tax Help for Gamblers (4th Edition) : Timeline: Disclaimer! - 0:00 Overview of Gambling and Taxes - 1:30 Recreational Gambling and Taxes - 4:30 Why Recreational Gamblers Need to Avoid W2G Forms - 7:10 Professional Gambling and Taxes - 9:10 Schedule C v. S-Corp - 10:20 Audit Risk - 13:40 Using Expense Deductions to Lower Taxable Income - 16:10 The Deductions They Don't Talk About - 18:08 The QBI Deduction - 22:00 Using Marriage To Lower Taxable Income - 23:24 Professional Gambling and Retirement Contributions - 25:35 Traditional IRA v. Roth IRA - 26:30 SEP-IRA v. Solo 401k - 27:30 The IRA Type They Don't Talk About - 28:42 The Roth IRA Rollover Backdoor - 30:28 Things to Do in a Good Year v. Bad Year - 31:25 Scenarios to Explain Everything - 3
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)