Keep accurate records of your Poker Sessions

A lot of people ask me why I keep track of so many hands on my iPhone when I am playing live. The reason for this is because I like to take notes and know my opponents tendencies. Also, I keep track of my wins and losses so that I can continue to execute tight bankroll management. Most importantly you want to keep accurate records of your poker expenses for tax purposes. At the end of the year you will need to prepare your taxes and any winning you have can be considered a capital gain and therefore is taxable.
 
Many players seem to think that they can play poker tournaments and cash games with immunity from paying taxes. The minute you win more than $1199 those dollars become taxable and the casino must account for the payout. This is why they ask you to sign a form whenever you win $1200 and more so that it can be reported. True, you will not have to pay taxes on the money right away but the government does have a document confirming that you won the money and you will be called on it if you do not report the income. It's always a good idea to keep accurate records of your gambling wins and losses just in case you are ever audited too. You will need those records should you find yourself in that situation.
 
So take a moment to write down your winnings from each session along with your losses and keep them in a safe place. You can transfer them to the spreadsheet of your choice later.