Proper tax planning is a must for any professional poker player. Without it, you may be costing yourself huge sums of money. If poker is your profession, there’s plenty of work you’ve got to put in that isn’t even connected to poker play. We’re talking about understanding the tax implications – including expenses and mortgage eligibility – that come with the territory.
As the year draws to a close, poker pro and WSOP bracelet winner Chris Wallace has put together a primer on what it takes for a poker player to conduct themselves professionally, as far as taxes, recording income and expenses, etc. is concerned.
There are a number of reasons why a poker player might wish to be backed rather than play with his or her own bankroll. It’s important to enter into backing agreements with full knowledge of what they entail and what they mean for both the backer and the player.
In this guide you’ll learn about different kinds of backing deals as well as the factors that can help you make the decision as to whether they’re a good fit for you in the first place.
If you’re fortunate enough to notch a big score playing poker, you owe it to yourself to do everything in your power to protect your newfound wealth. There are plenty of things you shouldn’t do, but also plenty of actions you ought to take.
WSOP bracelet winner Chris “Fox” Wallace has had a few big scores over his career and has some valuable advice to those fortunate enough to score big wins of their own.
Selling action is commonplace in the poker world. Both among professional and recreational players, it’s not unusual to offer backers pieces or your action. When you sell action, you don’t assume as much risk, but still get the experience of playing in big events as well as the chance to score in bigger prize pools.
With that said, there’s a LOT you need to know about selling action, including everything from treating your backers properly to how to deal with tax implications of winning when you’ve got investors. Take a good look at this comprehensive guide about selling action and be sure to follow the guidelines if you ever decide to sell some of your own.
WSOP bracelet winner Chris Wallace understands the importance of math in poker all too well. He also knows that sometimes one needs to go with their read, despite what the math of a particular poker situation might dictate the correct action is.
In this article, Chris outlines a recent quandary he faced in a tournament, to act in accordance with the poker math or to toss it in favor of his read. See what he chose and whether he was correct.
Much like top-tier athletes understand the importance of staying mentally tough in order to reach the highest levels of achievement, so too, mental toughness is just as critical for poker players who want to be consistent winners.
Routinely questioning yourself, having the proper mindset, and resetting your brain every so often will help you up your mental fortitude and power through the variance, emotions, and beats that come your way at the poker tables.