tag:blogger.com,1999:blog-2859158533144546027.post3960796962942346234..comments2023-07-22T11:05:47.290-04:00Comments on Escaping the Cubicle: A Poker Playing Pitcher: Day 2, hello Variance, we meet again.Jim Perryhttp://www.blogger.com/profile/07810570826873292745noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2859158533144546027.post-16368472071058319832007-10-10T22:18:00.000-04:002007-10-10T22:18:00.000-04:00wow great info. I definitely may seek some more a...wow great info. I definitely may seek some more advice from you come tax time. I want to make sure that I file correctly, considering I had a regular job for the first 9 months of the year before going pro.<BR/><BR/>If you don't mind I might send you some PMs if I have questions, and you can figure out what kind of compensation you need. Also if you know of anyone in the Boston area who specializes or has experience with this stuff I would definitely be interested in talking to them.<BR/><BR/>thanks again!Jim Perryhttps://www.blogger.com/profile/07810570826873292745noreply@blogger.comtag:blogger.com,1999:blog-2859158533144546027.post-37968034989242278542007-10-10T20:59:00.000-04:002007-10-10T20:59:00.000-04:00Hi Jim,As a tax preparer, I can tell you you don't...Hi Jim,<BR/>As a tax preparer, I can tell you you don't have to go to such lengths to be seen as legit to the IRS.<BR/><BR/>Your record keeping (spreadsheet?) can be corroborated by you PT stats so you shouldn't get any doubts when reporting income. Keeping detailed receipts and records are key to not getting hassled by an auditor. The Gambler's guide to Taxes should cover this, but if you travel to Foxwoods or wherever, don't forget to keep mileage records. I'll ask clients, "Is this all of your mileage for the year?" Many just forget to do this. They have other things on their mind when they jump in the car.<BR/><BR/>A separate bank account is a good idea, but you don't necessarily have to get a business account. Most banks will charge needless fees on business accounts regardless of size and number of transactions. You can set up a personal account like "Jim Perry", "DBA themightyjim2k".<BR/><BR/>Everything else is unnecessary. If you are going to spend money on anything, spend it on stuff that will improve your game like a second monitor if you aren't already using two.<BR/><BR/>Quicken and MS money are robust enough to handle what you are doing. I assume you have one of those. An income and expense report is really all you need to do your taxes. Anything like a 2nd monitor should be classified as a business asset. You don't even need to depreciate it. Just use Section 179 and expense the full price the same year it was put into service.<BR/><BR/>Good luck,<BR/>Edwardthe3rdhttps://www.blogger.com/profile/17807437713328355116noreply@blogger.com