Tag Archives: income

Can You Really Earn a Decent Income Playing Poker Online?

Yes, you most certainly can, and, just as certainly, you can lose a decent income as well! Fortunately, the online Poker industry has grown so much over the past few years, and is so competitive, that you can learn and practice your play at very little real cost to yourself. Many Poker rooms now offer you a bonus just to sign up with them; others have an introductory ‘free-roll’ facility. Use these whilst you learn and your costs will be minimised.
For you to succeed at playing online Poker you will need at least some talent, Poker is not simply a game of chance. Equally, you will need a degree of dedication, patience and discipline before your ideal of achieving a real income from online Poker is reached. Successful online Poker players make their money from less successful players, your task is ensure that you hang on to your money during the learning phase. You will need to purchase instructional material and thoroughly absorb the contents, reading any book over and over again. Then you will need to start playing at very low stakes, taking note of where and why you lose – and then improving that part of your game.
Poker is a game of skill, and gamesmanship. Much like stock-market dealing, wins and losses are often due to fear and greed, there are many who can technically analyse the market, few who can trade in a completely dispassionate manner – a basic requirement if you really want to make online Poker your new source of income.
Once you have learned the basics of playing online Texas Holdem, you need to keep reading, keep practicing, keep learning, making sure that you become one of the winners and not a loser or, as such individuals are termed, a ‘fish’.
Once you have started to play for real money your priority, at least in the early days, is to find an online Poker table with as many weak players as possible, for it is from them that you stand the greatest chance of winning. You do not really wish to compete with the person just back from winning a $250,000 game in Las Vegas! So, your first job is to find a table that has two or three fishes in attendance.
Whilst the right online Poker table may be difficult to find it will be worth all of the effort involved and is a major step in earning your living by playing online Texas Holdem. There are a number of advantages to playing Poker online, not least that there is no-one to analyse any twitches or fumbles you may have when you get a particularly good or bad hand. Equally, you do not have to travel, you play when you want to play, you do not need to wear a dinner jacket and can dress as you like, no need to pay the dealer and so on.
Of prime importance once you start to play online Poker in a professional manner is the keeping of precise records of your wins and losses, to determine your manner of playing and ensuring that you are not over-betting with money you cannot afford to lose. Note that if you consistently play Poker online there is every possibility that you will encounter the same player or players at different times, so avoid being predicable in your betting patterns.
By the time you reach this level of play, in some weeks or months, dependent upon your aptitude and work rate, you will have a good grasp of most of the important aspects of playing online Poker – you will no longer be a fish! Indeed, by now you will be hunting the tables for others less skilled and knowledgeable, for it is these individuals that form the greatest pool of your future income.
By now, you will also have become aware of the many tools available to the successful online Poker player, many of which cannot be used in live situations. These tools are used, and used very successfully by those earning their living by playing online Texas Holdem. I suspect that you will learn to do the same! The very best of luck in your endeavours.

Gambling Winnings and the IRS

In the United States gambling winnings are considered by the IRS to be taxable income and must be reported on your federal tax return. Gambling income includes, casino winnings, winnings from lotteries, and horse races. Cash winnings as well as the fair market value of prizes such as cars and trips etc. are eligible for Gambling taxes. A payer is required to issue you a Form W-2G or Form 1042-s if you receive gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported as income even if no casino tax is deducted. Foreign nationals such as residents of Canada and the United Kingdom may be exempt from paying tax and be subject to a full casino tax refund due to provisions within their tax treaties with the United States. It is advised for Foreign Nationals claiming tax treaty provisions to use the services of an IRS Certifying Acceptance Agent to effect a US tax recovery. You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Schedule A . However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses in order to claim your casino tax refunds. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to IRS Publication 529, Miscellaneous Deductions, for more information.

Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings. Your diary should contain at least the following information. – The date and type of your specific wager or wagering activity. – The name and address or location of the gambling establishment. – The names of other persons present with you at the gambling establishment. – The amount(s) you won or lost. Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your losses through , wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment.

For specific wagering transactions, you can use the following items to support your winnings and losses. These recordkeeping suggestions are intended as general guidelines to help you establish your gambling winnings and losses. They are not all-inclusive. Your tax liability depends on your particular facts and circumstances.

Keno. Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check cashing records.

Slot machines. A record of the machine number and all winnings by date and time the machine was played. Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc.). The number of the table at which you were playing. Casino credit card data indicating whether the credit was issued in the pit or at the cashier’s cage.

Bingo. A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. Supplemental records include any receipts from the casino, parlor, etc.

Racing (horse, harness, dog, etc.). A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. Supplemental records include unredeemed tickets and payment records from the racetrack.

Lotteries. A record of ticket purchases, dates, winnings, and losses. Supplemental records include unredeemed tickets, payment slips, and winnings statements.