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| By | What does good record keeping look like? | |
| Jim the Tolerable 7/10/2009 7:48:14 AM | I was going to post this over at PA (still might, I suppose), but then I thought this might be a better sample of players. What does good record keeping look like to you? I have record of every bet, but because of my limited skills at spreadsheets, the record is not much different than I could do by hand, just legible. What about the MY ROI portion of Youbet? It seems pretty good to me, but of course only tracks bets made at Youbet. And finally, what about record keeping for the tax man? What would be substantially different about it vs. record keeping for myself? As always, Thanks, Jim
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| JustRalph 7/10/2009 8:13:21 AM | I used the lesser report from youbet at an audit about 5 years back or so. the IRS canceled the audit when I sent the document to them for review a few weeks in advance. They said in their letter " after review of documents, it appears no audit is necessary. " or something like that. When I say lesser, I mean this was 2003 or so, I am sure it is better now. I don't use Youbet anymore......but I think the twinspires report is pretty damn good. Answers any question I want.
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| Ishmael 7/10/2009 9:56:26 AM | To me the value of good record keeping is in the analytics. What does the data tell you? I record each bet, the class of the race, conditions, the distance, # of combos on my exotic bets, and also the reason for my bet As far as records I just sent in copy of mine from my njbets account every year and never an issue. But those records are just raw data, much different from the analytics I run
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