Long time no post
27s, Dec 08 2009
Haven't posted on here in forever. Tried moving up in stakes a year ago and got crushed and took my shattered ego and ran lol. Been grinding back up and am now mass tabling .25/.50 on stars fullring. Should be able to make nova by the end of the year. Came across a cool site http://phatstackspoker.com that helped me fix a few leaks. Other than that things are going pretty good now. Hope to see you all at the tables.
Havent posted in awhile but...
27s, Apr 28 2008
Ok last month I moved up to NL100. Ran super hot for 10k hands or something and was all excited. I started thinkin to myself that I finally made it and was finally beating this game for a serious hourly winrate. Then after 36k hands at NL100 I break even. In my frustration I cashed out $2k from my bankroll and decided to apply that to my credit cards ( i've paid down a lot in the past 6months and hope to be done with it by september) and went back to NL50. Been running bad there. I'm making money, and with rakeback and rewards points it still seems that I'm better off playing poker than getting a job. However, it's been driving me crazy why my winrate at NL50 has been so low after over 150k hands at this level on Absolute.
Bad beat jackpot rake is fckin raping me. I looked at it the other night and calculated how much it would have upped my BB/100 if I wasnt paying that. How's 4BB/100 grab ya? Ya. Thats $14/hour for me. Which means that I'd be running at 9bb/100 over a nice size sample at 6max while 9 tabling which confirms that I'm not a donk, but actually decent. I'd imagine that I would have tilted a lot less in some sessions where I was break even over long stretches because of the bbj rake. So maybe my true winrate is even higher. Needless to say, I need to get out of Absolute.
The bbj rake is .50 of every pot where the normal rake is .25 or greater. So if I'm in the SB and it folds to me, I raise to $2.50 and BB calls the pot would be $5.00 - .25 - .50 = $4.25. This is huge. This is 15% rake on all those little pots where I'm picking it up with a cbet. I've always wondered why it seems that I'm not really making any money unless I win big pots. I should be able to make money just by raising preflop and cbetting alone.
Absolute doesnt have a whole lot of traffic so its pretty tough to table select when your playing 9 tables and there only 10 tables at that level open at times. All the NL50 tables are BBJ tables. At NL25 there is no BBJ and the tables are turbo so more hands per hour. I'm going to play NL25 for now until my rakeback comes in and I'm cashing out and moving to Stars. I really think I can handle playing more tables so I think I want to try 12 tabling.
For that matter, I've seriously been considering switching to nitring on stars and like 24 tabling. I know that I can do it. I just want to make the most money per hour that I can.
Poker Taxes(canada) and some stuff tldr!
27s, Mar 26 2008
In 2007 I think I made around $6K playing poker. I transferred at least $1k to my Dad on PS to pay back a loan. The rest was in cashouts from PS and and Absolute. Should I claim this? I plan on making more money playing poker than anything else in 2008. Im a self employed cleaner with a few small monthly contracts. I just gave notice to one of my clients which makes up $1k of my monthly income. Reason is the hours there are late. Im there now. Its 2:15am here. Takin a quick break =). I can make just as much money per hour playing $25NL with rakeback and not have to drive to this place. I've been beating $50NL solidly for the past 100k hands and am currently beating 100NL for about 3.5 times my hourly rate at this contract.
Leaving this contract will put some more pressure on me to play more poker and play well as it will now play a bigger roll in subsidizing my lifestyle. It also puts me closer to not having to work evenings at all. After this contract is gone, I have a $700 per month contract where I go out for 5 nights a week usually starting at 9pm and ending at like 11:30. The money sucks but the work is really easy. So long as I continue to run well, which I really dont doubt since I play tons of hands per month and am a bankroll nit, I should be able to give notice to that contract in May.
This means that by June, I will no longer be working nights. This means that by June I can have co-custody of my daughter - the apple in my eye, sunshine of my day, reason for living etc. I'll still be making from my other daytime work enough money to survive - pay rent, car payments, and monthly debt and eat. I estimate that my monthly rakeback from playing more hours will also be enough to support me and my daughter on its own.
Ok. Im rambling. TLDR. Back to taxes. I need some insight from some people who have been pro for awhile. Has anybody here been audited? Anybody get a hard time from the government? Any particular qualities I should be looking for in an accountant for this stuff? What about write offs? Can you treat it like a business? Obviously internet connection is a write off or should be. What if I decide to go to the casino and play live? Can I write off my losses there - not that I will. Would I ever have to show my PT DB to CRA? Basically Im just looking to hear anybody and everybody's experiences good or bad to give me a heads up on what to expect when I file my taxes. I suppose I wouldnt mind hearing from some U.S pros as well.
K, gotta go and finish up some vacuuming and shit. Holla.