Recently the laws in Florida were passed and will change the amount of money a player can "buy in" for a poker game. These laws will go in effect on July 1st 2010.

Remember bigger buy-ins will lead to bigger pay outs. With more money also comes the need to pay the IRS the taxes you owe, if you hit the final table and won.  The example of a possible problem would be, lik Mike Mizrachi just had here.    Paying you taxes on winnings is needed, just as making sure you have deductions to off set the income.

Consult a tax professional to assist you with these questions, but also understand the accountant Mike had might have been a bad choice. Do you homework!

• Use  separate a checking account to pull your bankroll from and you'll still need to show where THAT money came from.

• Set a budget for how much you will spend in tournaments / cash games and stick to it.

• Keep track of travel and milage as expenses. Hotels and food could be considered as expense too as long as it deals with your poker playing business. ( Check with a CPA)

• Partners or backers  that you have an aggreement  weather friends or not, there should a something in writing to  protect the  friendship and business relationship.

• Remeber if you can to get a receipt for you buy-ins at the casinos, it can't hurt.

On a side note here is  a link to an Associated Press story written by Christopher Willis, the poker players are polictical people as you will see.

Jim Karol the mad Mentalist      Jim Karol's page will be at the Sports Zone 84 along with three other comedians performing Thursday, cost is $15.00. There will be a presentation of Poker Training Network before the show.  Jim is a believer of PTN training and is featured on the video that is shown during the ptn business overview.

A fellow poker poker player passed away on Sunday March 7th, he had stage four cancer. The memorial was this afternoon, for Tim, I'm glad there were friends that showed up for the service, it was nice and was represented by some of his fellow poker friends from our Tuesday night game. There was also a group of people there from his regular Monday poker game. We spoke about Tim's card playing and the things people remembered about him.

As it seems when someone we know passes away, there are question we ask ourselves, they are the ones we need to ask, the answers are a reflection of what is going on with us at this moment in our own lives.

Take care of yourself, you've only got one body. Get checked up and live right.

So we are going to play a card game with both the Monday and the  Tuesday Poker crews together in Tim's memory.

Montel joined with PTN “Poker Training Network” and announced his affiliation with the company. Many people do know that Montel served in the Military (Marines & Navy) so while on tours, what they don’t know is that he played lots of cards. In 2007 he entered in the World Series of Poker and at one point, was the chip leader.

Montel Williams Played in PTN's"Poker Nights" an event hosted by the Poker Training Network. It was  a great time, I just wish it was more organized so the people that wanted their photos taken would have a chance with Montel.

http://www.playPTN.com/

http://.ptn-u.net? 37    or 

Photo by Bobbi