Making a Business Out Of Poker – Talk to Your Poker Accountant! Jan 19, 2009

Ann-Margaret Johnston seems to have it all figured out. This accountant, who has written the fascinating book "How to Turn Your Poker Playing into a Business" focuses on helping poker players with their accounts.

Johnston loves playing poker, and this makes her a great choice when it comes to getting yourself an accountant who can get under the skin of a poker player. There are plenty of poker accountants around, who will help you with organizing your finances and preparing tax records, but Johnston speaks your language.

Ann-Margaret was a regular CPA, who had been working at her job for more than a dozen years. When she went to Las Vegas about a decade ago, she realized that she could fulfil a demand for a poker accountant who would help poker players deal with their winnings and expenses. Filling in your tax records correctly is essential, and an accountant like Ann-Margaret Johnston can help you get it right.

To quote Ann-Margaret, "I knew I could connect with the players. I play poker so I know where they are coming from and what their concerns are." For example a poker accountant like Johnston would be able to tell you how to leverage deductions and what heads of income to include, such as complimentary food or accommodation.

Ann-Margaret Johnston offers some sage tax advice for poker players. Johnston insists that keeping records is very important. She suggests maintaining a log book in which you can note down all your wins, losses and expenses. Record details of dates and buy in figures. All this will make it simple for your poker accountant to handle your poker accounts and taxes smoothly. Now poker rooms have forms such as W-2G provided by the Internal Revenue Service and you should keep copies of these too, as well as other tax forms, credit card slips, cancelled checks, receipts and records of withdrawal.