How to Turn Your Poker Playing into a Business: Knowing What to Deduct to Improve Your Odds With the IRS

Format:Paperback|Amazon Verified Purchase If you win at poker you NEED the advice in this book. IRS rules are often rather arcane, but failure to adhere to them can be disastrous. Johnston's advice just might prevent you from making a mistake that could lead to a learning experience you'd much rather avoid. She carefully defines and discusses in detail differences in tax consequences, and procedures for reporting, for "hobbyists" vs. "professionals." The presentation is well done, the writing is clear, readable, and essentially free from typos and grammatical errors. Each chapter begins with a conversation in which a poker player reveals ignorance of a specific point of the tax code. The chapter then develops that particular topic to the "intelligent layperson" level. If you are a CPA or are experienced in preparing business tax returns you'll view this book as little more than a simplification of IRS rules. However, if you don't have that caliber of experience you'd properly view it as a guidebook through a potential minefield. For example, if your business is playing poker you should be able to deduct all poker-related expenses - right? Maybe! If you still collect a "regular" paycheck the IRS may decide you're not really a poker pro and disallow all expenses except for actual provable losses. And if they do, you may get the opportunity to prove not only the losses but also everything else on your return. And to prove everything on last year's return as well. If you win at poker you should read this one.