🃏 Mike “The Grinder” Mizrachi simply bagged $10M on the World Sequence of Poker (WSOP)… however how a lot really hits his checking account? 👀
Quick reply: Not almost $10M. Right here’s why:
The IRS treats poker winnings as unusual earnings, so Mizrachi is :
✅ 37% federal earnings tax (he’s within the prime bracket).
✅ 15.3% self-employment tax (since he’s a professional participant submitting a Schedule C).
✅ $0 in state taxes (due to Nevada’s no earnings tax).
That’s a tax invoice of roughly $3.8 million. That is greater than most Individuals will earn of their lifetime.
However how can The Grinder decrease his taxable earnings so he pays much less in taxes?
✅ Deduct previous event losses (100% allowed in 2025, dropping to 90% in 2026).
✅ Write off journey, lodging, teaching, and buy-ins as enterprise bills.
✅ Contribute as much as $69K to a solo 401(okay) for a small tax break.
Realistically? Mizrachi retains $6–7M after taxes. Nonetheless a life-changing amount of cash, however not fairly $10M 😅
Like this video and comply with Keeper for extra enjoyable tax breakdowns and tricks to save smarter!
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