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.