Tag Archives: online poker
Paying Taxes On Online Poker Winnings
Poker winners do attract the tax officials eye on them, even though online poker is legal in U.S and many other countries, the government has a share in the winners earnings. The IRS or Internal Revenue Service in U.S. is directly responsible for tax law enforcement and collection of taxes from the public.
All U.S citizens are liable or taxable, if they win any online poker game. It is advisable for new poker players to seek the advice of a reputable tax professional before joining the bandwagon of online poker gamers.
Many players believe that online poker websites with foreign addresses do not come under Americas stringent tax rules, but it is not so. American government enforces Federal tax on the global gambling world and its income. So, winning parties have to pay the taxes on the income gained by them through playing online poker games.
Keeping a Track of Online Winnings for Tax Related Issues
It is best for any gambler to maintain a log book with excerpts on their individual gambling activities. Players can find helpful insights on the internet about the exact requirements and Gambling Law U.S.
Some of the salient features are as follows:
o Keeping an accurate record of all online gambling winnings and losses. o Correct date and time entered about the wagers o Full and correct name and address of the gambling location o Names of the playing partners at the venue o The exact amount lost or won by you as a player.
Maintaining Regular Ledger Updates
These records of the losses and wins entered on a daily basis will be sufficient for the IRS while checking your tax liabilities. Thus, as a dutiful law abiding player, you should keep daily records and enter them quickly after the end of every gambling session. Thus, you will never forget the details nor give wrong information to the IRS.
Taking Expert Advice of Tax Professionals
Any reliable and experienced tax professional will be able to guide you as a gambler about the intrinsic rules and regulations involving payment of taxes on online poker room earnings. All gamblers need to be serious about paying their taxes and not take them lightly. For authentic info gamers can also try Russell Foxs blog on online gambling tax requirements.
Simple Ways to Meet Tax Requirements
Online poker players can always maintain a written log using pocket diary or notepad. It is important to note down the date, time, card room name, other players names and the end result. Using a computerized system can also suffice. One must also keep legitimate proof of the receipts, payments and other papers as proof for tax return files.
Aiming For A Poker Tournament
Poker to me has always been a little bit of luck and a whole lot of information. An Online Poker Tournament has been proven achievable but the first disadvantage I see is my “whole lot of information” is going to be next to nil.
Im only going to see other players and myself as caricatures on my screen. Facial expressions, hand gestures, body motions will all be absent, as well as eye squinting, blinking or twitching those giveaways on TV and why many use sunglasses. Add to this the screen names: how do I know that Tiny Tina isnt some card shark from Vegas alluding to be female and harmless?
Im going to have to compensate for this not-so-small handicap. Basically anybodys poker actions are six — whether you play online or off betting, folding, calling, raising, re-raising, or check-raising. So thats a given. My observations are going to fall in the realm of a good site selection, a game selection (there are many tables), careful note-taking and money management.
And while all players are indeed in caricature-form, they still have behavior that can be noted. I can put their screen names under one of two lists: “tight players” or “loose players”. It will help to observe a few hands and label them before I decide to sit in. Too many tight players and I might look at another table.
Tight players are strong opponents. Even as a novice they will fold a poor deal and play a good one. When they raise, more often than not they have the cards to back it up with. I think it would benefit me to keep them to my right that way, I get to act after they do. Loose players are often called maniacs because they love to bet and raise with very little in hand to back it up.
As I see it, they are best if kept to my left in playing online poker. Advantages are: I get to see how the other players react to his/her betting before its my turn. And, at times if I check to the maniac who bets of course, this allows everyone else to call before I raise the bet and collect the additional monies. Get it?
Of course a table can also be tight or loose. Ideally I believe a loose table is better and the first sign of this would be how many players see the flop; the more the better if many are playing to the flop, the pots are healthier. I read where 30% of the table playing all the way to the flop is a good measure. Anything less is not worthwhile sitting in.
So, its time now to choose a fictitious name and sign up for the best poker school where I can (as they say) become a professional in a matter of months rather than years by playing the game with “fun” money until I declare I am ready for a real investment.
Are you aiming for a poker tournament? If so, why not follow me as I write future Articles on this issue. Also share what you have learned, Id be happy to hear from you and include your observations.
2006 Esther Smith