Anyone do this?? It would help keep good records and multiple deposits/lots of activity is more normal for a business? I don't think you need anything to open one as a sole proprietor other than a SSN. Thoughts????
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Dumb idea on several levels.Comment -
Why? I'm not saying I disagree. I don't know that's why I'm asking. Do banks report to IRS? I doubt it. I pay tax regardless.Originally posted by downsouthComment -
you will go to prison and your cell mate will be a 6'7 220 lb angry black man named Tyrone
Is that what you want??Comment -
Didnt know gambling was illegal. Still looking for someone to provide a thought out response. Sad the forum has these types of clowns/jokersOriginally posted by SmokeComment -
Volume of transactions shouldn't be a very substantial concern. Unless you withdrawal/deposit daily.
What advantage would you possibly hope to accomplish by opening a business account versus a personal account? Just open a personal account if you insists on having a checking account solely to keep track of gambling withdrawals/deposits. Honestly though if you really wanna keep track familiarize yourself with excel or one of the other table format programs.
Im from that group of the less banks, IRS or whoever knows the better.
But honestly if your making enough coin to need seperate bank accounts you should really be familar with how your set up etc already.
Good luckComment -
What is the reason to do this is what you should be asking yourself... if you can't keep simple record in excel yourself then maybe you shouldn't be doing this at all.
No need for the IRS or any agency snooping around if you really are making coin.Comment -
go fukk yourself tough guy. I'm not a clown and I'm not here to amuse you. that fact is it's illegal to do what your talking about. If you think u know it all go ahead then do it and see what happensOriginally posted by ShonnerComment -
More activity = business = less chance of bank being suspicious is my theory. I have nothing to hide as I pay tax but no one wants to deal with problems and audits even if youre straight.Comment -
I'm in Australia where the legal picture is a whole lot clearer. To me opening a business account would complicate things a lot more and would certainly leave me open to paying taxes on my earnings, where having a personal account does not.
Australians don't pay tax on gambling winnings, as long as the gambling is a hobby and not operated like a business.Comment -
Why is it illegal to deposit/withdraw gambling funds from a biz acct vs a personal? I'm looking for intelligent discussion. I appreciate any feedback.Originally posted by SmokeComment -
Yeah I'm trying to make things easier, not complicate.Originally posted by Duff85Comment -
How much activity can you possibly have? LIke a said, even once a week is nothing to even have someone bat an eye.
Also, if your end game is to avoid any sort of IRS flags/audits then the last thing you would want to do is show self employment income.
Plus as far as taxes go you can only right off gambling losses equal to wins in a given year.Comment -
I wouldn't show self employment income. Just report gambling wins/losses as normal. I wouldn't have a separate tax ID or even do a schedule C etc.Originally posted by downsouthComment -
go to a CREDIT UNION
all i have to sayComment -
How come?Originally posted by Brock LandersComment -
much more liberal than a regular bankOriginally posted by ShonnerComment -
I'm listening......Originally posted by SmokeComment -
If you are worried about this type of scenerio, would think you are a heavy hitter.Originally posted by ShonnerComment -
You can't open a business account with an EIN # from the state. this is like your SS# for your business.Comment -
Smoke has no idea what he is talking about. You could register your business "Shonner gambling ENT." or whatever. Pay your taxes every year and you have nothing to worry aboutOriginally posted by ShonnerComment -
Thx for the feedback.Comment -
It would be a sole proprietorship so the bank told me that no tax ID is neededOriginally posted by bigbet1234Comment -
Sole proprietorship may as well be a personal checking account. If your betting thru locals/cash transaction I highly advise against putting it into banks in the first place. Much safer option with safety deposit box.Originally posted by Shonner
And if you routinely pay "all" your taxes and such why are you worried about whether or not account volume is an issue.
ALso, by setting up a sole prop it is basically just a personal account anyway.
Save yourself the extra steps and just use a personal account if you insists on doing your transactions thru a banking institution.Comment