[oxymoron]

I'm wondering if it is easier to just keep an excel spreadsheet and update it every night when I am done playing rather than waiting until tax time (as I was planning on doing) to figure out how to determine what I owe with PT.

I'm really glad Ed brought this up because I was planning on paying taxes but had no idea how much is involved in the process. I thought it would be a simple matter of net profit/loss. I recently purchased a book (forget the name right now) about taxes and gambling and it is very helpful but obviously doesn't have information regarding PT.

Does anyone keep a daily log aside from PT? If so, do you just have an excel sheet with the date, how long you played, win/loss and that's it? Do I need to know how many hands played, which site, etc.? Since online is illegal should I keep in my log that I was playing online?

I just want to make sure I do everything right and my original plan of waiting till tax season to tackle this stuff sounds like a bad idea.