Tip Compliance Taxation as it Relates to Dealing Poker
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- เผยแพร่เมื่อ 27 มิ.ย. 2024
- This summer will have about no poker, but it will have a lot of dealing poker. I'm dealing the summer poker series at The Orleans on W Tropicana in Las Vegas, Nevada. The 2024 Orleans Summer Open is the official name. Here are my tales.
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In Colorado, dealers check out at the cage at the end of their shift and have their tips counted. There is no estimation on how much the government taxes you, which is how it should be.
No😂
Same in WinStar and Milwaukee.
@@keithschleis1994 yes.
@joyride1598 well thats probably the reason las vegas is busier. Better business practices 🤌
@@keithschleis1994 everyone else in America is taxed precisely according to their actual pay. Why should tipped employees be any different? Logical man. Logical
This minutia is actually fascinating, Nomad.
I always take all my financial advice from poker players.
Capital idea. They need to track everything themselves. Huge step up from the people who receive direct deposits, never check that the amount is correct, and just pray they don't get cheated.
tip compliance removes the tedious itemizimg obligation from your tax filing. it gives the government a base number to presume you earned, tip inclusive. with that number, your tax deduction percentage is determined for your base hourly. this prevents over taxing for workers who can't truly predict daily earnings. also being punished for a 'good day' isn't just.
Nice explanation of tip compliance. Tip compliance as I understand is shift and property dependent. Now...dealers actually don't have to be on them...but in over 15 years of dealing I've only known 2 who went off it. One can keep track themselves. However, tip compliance is nearly always less than the actually tips a dealer makes, and avoids any messy IRS audits should one occur. For myself, it's about $14 an hour extra in tax. So...instead of being taxed at my hourly rate of $12 an hour, I'm being taxed like I'm actually making $26 an hour, as far as the government is concerned. So...this is why I say cash is actually king. Because tournies are 100% taxed, 100% on the books, cash is not. So, say, an average dealer making say $18 a down (30 minutes) in tournies and $18 in cash downs. So,we take these hypothetical dealers, one only cash, one only tournies, one is 100% taxed, one is taxed at tip compliance. The result? Cash down dealer walks away with an extra $22 every two downs or one hour of dealing that is...well...not taxed or "off the books."
2 downs times $18 is $36 plus hourly wage of $12 an hour equals $48 an hour, government taxes $26 an hour which is taxing the $12 plus the extra $14 tip compliance. And always nice coming home with money in the pocket. But... Having said all this, there is something to be said for tourney downs in terms of showing income for loans and paying deductions and benefits and "stuffing" the paycheck and so forth, but yah, hopefully one gets the picture. Cheers.
Not an "extra" $22 per hour though.
It's the final $22 per hour earned untaxed versus the final $22 per hour taxed.
$22 per hour untaxed = $22 that you keep.
$22 per hour taxed = $15 that you keep.
@@VegasPokerNomad Right. Poorly worded on my part, this is what I meant.
I’m watching the WSOP and see the hand for hand bubble. Have you stood and waited to deal a death blow?
Stood and waited?
Does the tip compliance amount change per venue? Will someone dealing high limit cash games in the bellagio pay the same tip compliance amount as someone who only deals 1-3 at a smaller room?
I'm pretty sure it's the same within the same state and industry. And dealing $10-$25 NL doesn't mean more tips than dealing $3-6 LHE.
@@VegasPokerNomad thanks for the insight, ive never played high stakes cash, apart from in the uk where tipping is pretty much non existent. Ive always imagined that dealing higher stake = more in tips, wierd that turns out not to be correct
Yes tip compliance at say Bellagio is higher than say Sahara.
They tax you tip compliance while not dealing tournaments. So if you had 4 TDs in a 8 hour shift they would tax you compliance for 6 hours and then you’d get the TDs on your paycheck for the 4 downs (2 hours)
How do they know the difference between breaks and dealing a live game? Any non-mtt down is considered dealing cash? Even breaks? Even brush downs?
Grab your popcorn folks! I’m thinking your trolls are going to be out in full force on this one. Great video though. Keep grinding and making this content!
Why would people troll this? Losers
Grab a spoon when you grab the popcorn. You don't want butter all over your fingers.
This is so wrong. The IRS requires you to report oll tip income and pay the appropriate income tax, FICA and medicate taxes.
Watch the video again. You missed a lot.
Karen, is that you…?
Warren Buffet has HIS tax breaks. Service/entertain folks have other tax breaks. Hahahah The IRS requires 😂😂😂😂😂😂
@davidsorge7892. Though you are technically correct that in general you need to report all income, the IRS knows that no one would report enough, if at all, and took the approach of some is greater than 0. I agreed with you until I researched this partnership which wasn’t made clear in the video.
When a casino and the IRS enters into this partnership they guarantee the employees won’t get audited on tips. They encourage casinos to sign up to get that baseline.
So essentially they are turning a blind eye at the underreporting (which is contractual) knowing that they at least got some money guaranteed in tax revenue.
My first first!
Pay up Bro....lol.hahaha
I agree, rice is a spoon food.
Rice is a chop stick food. Billions of orientals can't be wrong. 😮
Definitely
Does the casino track your tips? Also no taxes on tips... sounds like a good thing.
Not cash game tips. Tournament tips are in the paycheck though.
Trump says he's not taxing Tips!
It requires Congress, but okay.
In cash games, you are overhead.
On the clock doing anything.
Comment for the algorithm
Are your tips tracked by the casino?
Cash game tips aren't in Nevada. Tournament tips are.
Who the hell eats rice with a fork?!?
I don't get it.
Sounds like you are saying it's ok to cheat on your taxes.
If you ever work on tips, feel free to opt out of the tip compliance and pay taxes on everything you earn. The government will be thrilled you're not taking it up on legally paying less.
Wouldn’t say it’s cheating if you agree to the tip compliance. If you get audited after agreeing, you won’t be in trouble.
Vote Trump for no more taxes on tips!!
Imagine never having to pay taxes on tips, period.
VOTE TRUMP 2024