Looking at that graph ... not much really stands out. You're winning. It's a little swingy, but whatever.

I'd compare $/hr winrates between the $1/2 and $2/5 games, because it doesn't look like you're doing that much better in the larger game. That might mean that you need to adjust your strategy, and it might mean that you should play $1/2 instead of $2/5 because there's a drunk guy sitting there spewing chips. Or because the guys sitting at $1/2 are just terrible.

It doesn't look like he's implying that at all. I think he's saying that in reference to when you compare your results to the results other people claim to have.

Sent from my SM-G965U using Tapatalk

You don't have to find a CPA, but I'd suggest it. I heard a podcast on Kondler's website (Advertise as 'Poker CPAs' at WSOP events) that the best thing to do is to incorporate yourself. I found a local CPA who spent some time with me explaining the difference between Inc, LLC, and personal (DBA). He came to the same conclusion that incorporating is the best thing to save money.

He also said it was some PITA (pain in the ass) work to get it done. He wasn't wrong. I'm fairly smart (graduated from college with a mechanical engineering degree) and it is a huge benefit having someone say 'go to this website and fill out this form and submit it.'

If you can figure all the tax stuff out yourself more power to you. But it sounds like you have a decently complicated scenario that could benefit from personal service.

All that to say, just estimate it and adjust as necessary. And keep unbelievable records on anything and everything.

Marsh

I am kinda at the mercy of my poker income app for this. I wonder how I can back up its data so if I lose the app or my phone I don't lose all that info?

Yeah I use excel and manually enter what I want. This includes mileage and expenses. Hopefully your app has a function to export in a CSV file that you can import into excel as a back up. I haven’t used any of the poker apps so I’m not positive on any functionality.

i just play for fun and i use a poker app (RunGood, I highly recommend) that i export every 4-6 months and i update a separate excel spreadsheet after every 3-5ish sessions. both those tasks take roughly 10 minutes, tops. i don't understand how this is basically your job and you aren't doing anything more than inputting stuff into your phone and assuming you're all good.

and if you are using Poker Income, there is an export function

Thanks just found it.

I'm just a rec player in a country that doesn't even tax poker winnings, but even I have my poker results in two different places (PokerJournal and Excel) and email myself the Excel file every so often for extra backup purposes. I also manually enter in the results in both places (not copy), where comparing end results will catch any entry errors.

GbackingupmybackupG

If you want a middle ground between Excel and an App, you can use Google Sheets. Easily accessible on your phone from anywhere, easy to save to a real computer, automatically backed up in the cloud.

By my count you have 18 losing days and 15 winning days, so yeah, should have less. Especially for a tight player. Winning players should have >60% winning days.

Wondering how you have 33 days of results in July tho....

200 hrs in 1 month is a lot.

Congrats on being ahead tho!

It’s separated by session. So if I played 2/5 and jumped to PLO it would be 2 entries in the same day.

Yeah I’m going to take the volume down a hair and try and book more wins even if I’m not through with my full session yet. See what that does for me.

You shouldn't be trying to "book wins". You should be trying to put in hours. Go with a plan for how long you're going to play for, and play. If t he game conditions are bad, consider leaving or table change. If they're really good ... stay for a while. But you need to figure out how long of a session you can play before fatigue creeps in and kills your winrate.

Paying taxes quarterly is -EV.

Surely you can find better uses for your time.

I dont think this is anywhere close to being true. If you play the type of TAG where you are bluffing a lot you are going to have bigger swings but much bigger profit like he is showing. Stick to what is working.

Is it really working that well? By my count hes at about $19-$20/hr at 2/5. Or at least its about $19-$20/hr since the 500 hr mark where he sent he started playing 2/5. I guess there's some PLO and maybe other things in there as well.

Only 3~ players at any given table are winners so I would say he is doing good.

Id say its less that 3 players per table on avg. Ive always heard 90% or so of players lose money.

So sure he's doing good. I'm just saying we don't want to just stick to doing good (4BB/hr). We want to improve to doing very good or great.

What do you guys think about someone who is a rec player who plays like 2-3x/ week but takes the game serious who wins 5-6bb/hr over 1300 hours?

I’d think it’s a rec player who takes the game seriously. I’m not sure what you’re looking for. Do you want encouragement that you’re doing it correctly or something?

It's really what you think of yourself, not what anyone else thinks, that matters. Are you happy with your current situation?

Obviously we've all heard of players making 10 bb/hr. (or more); do you want to reach that level? If so, what do you need to do to get there?

But yeah you're doing well so far, if that's what you wanna hear.

Sounds like someone who has quite a profitable hobby.

The rule used to be there were no penalties for underpayment so long as you paid estimates equal to 100% of prior year tax. (Used to be less than 100% I think, then I think was 110% at some point.) Even if last year tax was $1000 and this year tax bill is $10,000. If you paid quarterly estimates of $250, you’d be good.

That’s still one of options in figuring if you look at the rules but they give another criteria and here as in poker “it depends”. Easiest thing is to google IRS form and instructions for filing quarterly estimates. Explains it better than I can.
Form 1040 ES

You don’t have to estimate whole year tax and divide by 4. You can adjust your estimate each quarter for those with income that fluctuates during the year - poker players obviously.

Actually rereading the IRS I think you can still use the 100% of prior year tax as an estimate. If this is less than what you think this year tax will be, then obviously that’s better better for you.

You can either use 100% of last year or 90% of this year -- and as RJT says, you can adjust quarter to quarter as needed. If you're in a period where your earnings are increasing, simplest that leaves you withheld the least is 100% of last year. Just make sure you save enough to pay the tax bill come April if your earnings go up drastically year over year (i.e. don't buy an expensive car...)

He's probably doing better than most realize, especially if he's playing at the lowest steaks rake trap.

GIwouldsnapaccept6bb/hrgoingintoanyyearnowadaysG

Hi guys,

Looking for feedback here:

I usually play around 70-80 hours a month.

I take the game seriously for sure and looking to improve.

I definitely think I’m results oriented/ get too upset when I see my winrate decline/ not achieve the bb/hr I want after like 1300+ hours of live play.

Currently in a break even stretch now/ slightly profitable over like my last 90 hours and it’s frustrating.

Feels like it’s going on forever. Any mindset tips or just tips in general?