Gambling Income and Expenses - Taxes

Written by Richard A. Chapo

Continued from page 1

The full amount of your gambling winnings forrepparttar year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses forrepparttar 148236 year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that showrepparttar 148237 amount of both your winnings and losses.

Face it,repparttar 148238 IRS gets you coming and going. Well, Iím off to play poker.

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.

Evaluating Starting Hands In No-Limit Hold'em Tournaments

Written by Marc W.

Continued from page 1

Have a healthy and watchful respect for strong-tight players who are rarely in hands, particularly if they playrepparttar hand out of position. If a player like this raises in early position you should fold all those marginal hands, and small pairs as well.

When weak players have enteredrepparttar 148007 pot, you should be happy to call and take flops with them provided you can do this inexpensively. Slow playing big hands has a higher expected value in No-Limit than it does in Limit games where it is rarelyrepparttar 148008 right way to play. That being said, it is a skill that takes a lifetime to master, and can easily backfire on you.

Asrepparttar 148009 blinds increase in tournament play you must be flexible with your evaluation of starting hands as you have to keep your chip stack well ahead ofrepparttar 148010 pace set byrepparttar 148011 blinds. In tournament play you cannot wait forrepparttar 148012 perfect starting hand, and frequently you need to make your own luck. Be selectively aggressive, especially inrepparttar 148013 later stages ofrepparttar 148014 tournament. Initially you should be tight at least until you have a good read on some ofrepparttar 148015 opponents at your table. Try to avoid coin-flip scenarios where all your chips are at stake. This happens allrepparttar 148016 time in online tournaments where players feel comfortable going all-in on AK and equally comfortable calling that hand with any pocket pair.

The winners of tournaments at all levels are usually those players who pace themselves early on, make a move inrepparttar 148017 middle stages ofrepparttar 148018 event, and then start all over again atrepparttar 148019 final table by once again playing strong-tight.

Marc W. is a poker fanatic and regular poker tournament player. For more interesting articles about playing online poker, visit Online Poker Insider guarantees online poker room deposits up to $500.

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