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Poker Tips & Strategy

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taxes

The Business of Paying Taxes as a Pro Poker Player: Plan Accordingly

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.

pros cons

The Pros and Cons of Making a Living Playing Poker

When weighing the idea of setting out to try and make a career out of being a professional poker player, it’s important to consider both the pros and cons of opting to do so.

The dream of living wherever you want, not having to report to a boss, and potentially winning millions needs to also be grounded in the reality that you’ll have to put in a lot of time and effort in order to make it as a successful professional player.