6/9/2010--Results for week of 5/30/2010-6/5/2010

WORK HOURS
Administrative 2.75
Study 6.00
Play 31.25
TOTAL HOURS, 40.00

PROFIT AND LOSS
Bankroll beginning 5/30, $170.90
Bankroll ending 6/5, $204.79
+$33.89

I'm still making money, and of course I'm happy about that. And I'm happy that I finally put in 40 hours in a week. But because of things that may need to happen down the road, I really need to keep putting in the hours, and not just playing.

Work hours are not where I would like them to be, but still very much improved. I got 40 hours in, finally, which is not bad. One of my goals is to spend at least 10% of my time in study, and I accomplished that.

The problem is that I'm way behind on the paperwork, and I need to spend more administrative time. There is the day-to-day business to track, but more than that, I don't think the spreadsheet system that I've cobbled together is going to work very well as things get more complicated.

I hope to be withdrawing a percentage of my winnings soon. For every calendar quarter that I make more than $450 (I hope that soon it will be every quarter) I have to set aside 30% for estimated income tax.

Eventually I will be taking money out for taxes, for personal/family use (mostly paying bills), for office supplies, and for reinvestment in the business (poker books, a second monitor, or whatever).

All of this will eventually be divided into live and online play, and run through two checking accounts, and possibly through two savings accounts, to set aside the funds for income taxes. I'm not sure how all this will shake out as far as income tax liability, so until I get a feel for that it's best that I set aside too much for taxes rather than too little.

Every time think about this, it gets a little more complicated.

At the very least, at some point soon I'm going to have to sit down and devote at least 5 hours to figuring out how I want to approach this, and how it's going to all evolve.

For now, I don't have any business accounts, I don't have two bankrolls, I'm not playing live, and I'm not making enough to have to set aside any for taxes. But considering that last year I had a $381 net tournament cash, and a $250 net live cash, I need to start thinking about this now. When I start cashing like that on a semi-regular basis, I'm going to make a real mess if I don't have a system in place to handle it.