Jerry Bailey

TEXAS · Postby **TEXAS** » Mon Nov 01, 2004 9:35 am

If you are doing self employed 1099 form... then you should know you have to pay estimated taxes quarterly..... not annually!!!

Winnings over $10k... taxes are deducted... very simple .... they are going to make sure they get theirs.... any overpayment... will be refunded next tax season... if you have a good trained pitbull dog... laughing...

Apparently you have never gambled in Vegas or other states... the 10k rule applies everywhere that I know of....

Bill from WA · Postby **Bill from WA** » Mon Nov 01, 2004 10:22 am

Hi

I played $1 Pick 3's and trifectas all day (3 horses in each race on the pick 3's, and 4 horse boxes on the trifectas). I had Ashhado, and missed the tri. I had Sweet Catomine, and missed the tri. Alive in the pick 3, I didn't have Singletary. I hit the tri ($1342.10) in the Sprint when my conduit numbers led me to My Cousin Matt at 60-1 (would have overlooked him otherwise). I had Ouija Board, and missed the tri. Alive in the pick 3, I missed on Wilko, and then hit the tri in the Turf, when again the conduit profile led me to Better Talk Now (I thought that Kitten's Joy was a lock, but the numbers on Better Talk Now were better). I had Ghostzapper, but missed the tri. Ended up with a profit of about $1100 after taxes, since I made a few straight bets combining GSV and Conduit scores with mixed results. I thought that Lone Star Park did an exceptional job of hosting the event.

Bill

madelyn · Postby **madelyn** » Mon Nov 01, 2004 10:28 am

Actually, I was "gainfully unemployed" (self-employed) since 1981 but managed, with the help of my sub-S corporation, to pay quarterly only on social security, draw a below-the-minimum salary, and bonus the corporation's profit at the end of the year, thus never paying SS on more than about $18K a year. Using this basis, the bonus is taxable, but because it is such an unpredictable amount, quarterly payments could not be applied and there was no penalty. I was referring to 1099-G's, which are for gambling income, and were mailed to me at the end of the year by the racetrack.

TEXAS · Postby **TEXAS** » Tue Nov 02, 2004 11:31 am

Wished I had your IRS office... if you underestimate your quarterly payments... you get some fines, interest and penaltys added to your tax bill.. and if you do that 2-3 years in a row... they will tell you what to pay... after they run you thru their audit torture chamber.. laughing.. texas

Glad to see the conduit mare magic formula worked on some of the favorites...
think I will stay with my conduit jockey formula and throw in some longshots on my trifectas...
that playing the same initials and similar last name in the first race was just pure brilliance on my part... and then to hit the trifecta in the same race... sometimesIevenamazemyself.... texas...