Sunday, October 12, 2008

Relaxing back home

I have been back home in the Philadelphia area since Friday. University of Pittsburgh gave students a short fall break (1 day off, to be exact) for the first time. Usually I only drive back home during academic breaks, so it was nice to get to see my family before Thanksgiving. My mom (whose house is my primary residence while home from school) lives in a fairly rural setting. Being here reminds me of how much I love nature, and would like to be a homeowner with a large yard. Home also reminds me of how much I want to have a dog (or two). My mom has a golden retriever and a chocolate lab, while my dad has a yellow lab. Big dogs are awesome, and I believe having pets is a great compliment for being a professional poker player.

Lately, I have an increasing appreciation for poker as a profession. Many of us young poker players are quick to complain about any possible negative aspect. We take for granted that this is one of the only things that you can easily make 6 digits as a young person with little/no assets, as well as the copious amount of freedom poker provides. Yes, the amount of human interaction is limited. It forces poker players to either be happy with ample time to themselves (which does not apply to me), or work harder to maintain an active social life. Fortunately, college has helped me have an easily-accessible social network. This does makes me scared about how life will change after graduation next year.

I met with my new accountant for the first time today. We had a long consultation where I outlined what being a poker professional is like. He advised what I should be doing to prepare for the upcoming tax season. He also commented at the end of the consultation that I was one of the most unique clients that he has met in a while. I strongly, strongly advise any US poker professional to talk extensively with an accountant about how to file. We are in an incredibly unique situation, and with that comes extra responsibility to file as accurately and thriftily as possible.

1 comment:

LuckySOB said...

Been chatting with my accountant about this. I'm using my old business accountant and he's been filled in on all details, sorta. I only inform him of the money I've withdrawn, as he said it's in my best interest to pretend the online money dosen't exist until I do withdraw it.

Anyway, I'm filing as a Pro Gambler, not a Pro Poker Player. He said I'll gain more writeoffs this way since I often visit Vegas and have gambleing degen friends that save me close to $1000 per week in losing sports bets that I can write off. He's never filed someone as a Pro Gambler or Poker Player though, so hope I'm getting good advice. Interested to chat with you about it sometime, maybe after taxes to compare.