A Gambling Journal Helps

Sometimes, when you are so much into the game, you forget about all the other things that matter. Even those players who make sufficient preparations for a gambling venture can be eaten out by the excitement and forget about how much the fun of playing could cost in the long run. To help you out in seeing through your gambling habits, keep a log book ready to take on all the happenings. It is not only beneficial in keeping track the outcomes of your games but also in evading very high taxes that the government demands from big winners.

A gambling journal helps you track down if you have went beyond what you should have only spent for gambling. By putting your winnings and losings in black ink, you can clearly see how much you have really earned or lost over a specific period of time. This way, you could adjust your gambling budget. If you have assessed that you have lost way bigger than you should have for a specific gambling holiday, you could adjust your next budget so as not to eat up the sum of money allotted for something else. Seeing the results of your hobby in hard copy will also inspire you to play more of the games where your proved to be extra lucky and less of the games where you always come out a loser.

On a highly important note, you could lessen the amount of taxes you need to pay the government if you keep a log book that contains not just details of your wins but your losses as well. You see, the government demands a percentage of casino winnings beyond $1200. The casinos feed the government such details, reporting information of high roller wins in Slots and Video Poker, which is extracted from the identification requirements before the jackpot is released. You will then be required to list your casino winnings when you file your income tax so the government would be able to draw an amount from it as well.

The only way you could simmer down the government's takings from your casino winnings is through documenting your losses. This is where the importance of a log book comes in. Log in important details like the type of the game you have played, the serial number of the machine you used, the name of the casino, the date and time, and your wins or losses on every game session. Being able to show off that you have not definitely earned as much because of the befitting losses will help you lower the amount you need to pay for your taxes.

See, keeping a log book definitely helps!