The Unabated Podcast

Filing Your Taxes As A Pro Bettor With CPA Zak Zimbile

Dec 20, 2023

Professional CPA Zak Zimbile and Gina Fiore discuss tax filing for professional sports bettors, emphasizing the benefits of using Schedule C, maximizing deductions, managing expenses, and separating personal and gambling finances. They also touch on retirement contributions, audit risks, and the importance of honesty in bank account applications for gambling businesses.

33:31

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Episode guests

Zak Zimbile

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Episode notes

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Quick takeaways

Filing taxes as a pro bettor involves comparing hobby vs. business income with IRS guidelines, and filing self-employed with Schedule C for potential benefits.

Documenting business expenses, separating personal and business finances, and responding to IRS notices can decrease audit risk for professional gamblers.

Deep dives

Understanding the Guidelines for Filing as a Professional Gambler

The IRS has guidelines that compare hobby income to business income, which can be applied to recreational and professional gamblers. These guidelines consider factors such as the amount of time spent gambling, treating it like a business, demonstrating expertise, and intent to be profitable. Filing as a professional can involve filing as self-employed and submitting a Schedule C, which shows business activities on your tax return. It is important to have good record keeping, make timely estimated tax payments, and obtain necessary local or state business licenses.

Introduction

2min

Navigating Tax Filing as a Professional Gambler

15min

Navigating Tax Implications and Banking for Professional Gamblers

2min

Importance of Truthfulness in Bank Account Applications for Gambling Businesses

5min

Maximizing Retirement Contributions and Addressing Audit Risk

7min

Conclusion and Thank You Message with Contact Information

2min

Gina Fiore is back with professional CPA Zak Zimbile, this time to discuss how to file your taxes as a professional sports bettor.

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