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DAYTRADER TAX TIPS
Avoid the year-end crunch -
form your 2008
trading entity now!
The 2008 economic stimulus payment
or rebate information
January 2008 - a 5
year NOL carryback provision for 2007 & 2008 M2M losses is
planned
April 2008 - a 4
year NOL carryback provision for 2008 & 2009 M2M losses is planned
Home
Order more Information
Ms. MacGregor here
is the missing page from the tax return.
Planning, Review & Preparation
7/25/08
Electing Mark-to-Market?
updated
5/23/08
Trading through
an entity?
updated 6/26/08
Trader definitions?
updated 8/14/08
Tax information & news
updated
5/30/08
Discussion Board,
F.A.Q.,
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& other info
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News items:
IRS
targets taxpayers
IRS
does not fully understand the
business model for traders - p.67
Internet taxes are almost here
Tax
Increase Prevention
& Reconciliation Act of 2005
IRS rules sloppy
bookkeeping
IRS now auditing
S-corporations
as part of a tax
evasion study
IRS Notice 2008-1 re: S-corp. owners
IRS is not
charging interest
IRS sued for civil rights violations
Officials agree -
Richard Ney
was correct
IRS Refund information:
Where's My Refund
Free money:
GlobalResearchAnalystSettlement
New Tax Free 401(k) coming:
Roth Contributions to 401(k) Plans
IRS
Historical Documents relating
to Alphonse (Al) Capone
Ameritrade
Apex accounts
have built-in
GainsKeeper®
trade matching for
free.
Separate
Wash Sale and
Mark-to-Market reports included.
Other brokers offering
GainsKeeper (some charge a fee):
IB Interactive Brokers, as of 3/22/2005
MB Trading, as of 3/22/2005
ChoiceTrade, as of 3/1/2005
Scottrade
ShareBuilder
OptionsXpress
AB Watley
Zero commission trading:
Zecco Trading - 40/month
BAIsi Direct - 30/month
Please click this link for
required disclaimers
please note that this is prominently
disclosed, as required by law.
... Copyright© 2008 Colin M. Cody, CPA
and TraderStatus.com, LLC, All Rights Reserved.
Some are claiming that the budget plans adopted in March 2008 by the
House and Senate Budget Committees would constitute "the largest tax
increase in history."- Center
on Budget and Policy PrioritiesCollecting more taxes than is
absolutely necessary is legalized robbery. - Pres. Calvin
Coolidge
There are two systems of taxation in our country: One for the informed
and one for the uninformed. - Judge Learned Hand
The most dangerous thing you can
do to any businessman in America is to keep him in doubt, and to keep
him guessing on what our tax policy is. - Pres. Lyndon B
Johnson
Our income tax system is a disgrace to the human
race. - Pres. Jimmy Carter
Our tax code is so complicated,
we've made it nearly impossible for even the Internal Revenue Service to
understand. - Treas. Paul O'Niell
I have wondered at times about what the Ten
Commandments would have looked like if Moses had run them through the
U.S. Congress. - Pres.Ronald Reagan
Looking for tax
deductions?
Short-term
"day trading" is fast... exciting...
profitable... challenging... and tax deductible!
When you tally up your results each year - do you see the
capital gain tax taking away too much from your hard won daytrading profits?
As an active day trader do
you find that you have too little time at the end of the day
to do the necessary tax planning to avoid paying those
excessive taxes? Are you looking for daytrader
tax tips? What is the real story behind all the talk about the benefits for a daytrader
electing trader status and mark to market?
When is a CPA firm needed?
Serving Traders for over
20 years!
We'd Like to hear from you
Here at TraderStatus.com™ we will bring together in one place the
information necessary to help you survive unnecessarily high short-term
capital gain taxes, self-employment taxes and state and federal income
taxes. To accomplish this, often a separate trading entity is the
answer, but just as often we avoid it as not being cost effective in a
particular situation.
Many traders do
not yet even realize that they are paying far too much to
the Federal Government. Existing, proven legal
procedures, which in many cases can significantly reduce
taxes each and every year, are available to anyone
qualified to elect to use them.
As we all
eventually learn, those low capital gain tax rates of
15% or lower are not available for the daytrader's lightning fast trading profits. Rather,
an individual daytrader's gains (or losses) are
subject to the higher ordinary income tax rates!
Investors and
securities traders may incur substantial costs with
on-line fees, commissions, real-time data-feeds, computer
equipment and so on. The Internal Revenue Service, on
their own, do not treat most taxpayers very fairly when
it comes to deducting these expenses. Leaving it up to
the IRS publications and instructions, at best, a
taxpayer must first qualify to itemize his deductions on
Schedule A - making those deductions subject to a 2% of
Adjusted Gross Income (AGI) reduction and for some high-income taxpayers even an additional 3% of AGI reduction.
Please take the time to read and understand the information found on
our web site and also on the Discussion Board
as it can be very helpful to you when preparing your taxes and when
planning your tax strategies. Every month we hear from taxpayers
who found this web site too late or after they already paid someone
for a download that contained nothing more than the basic information
here available to you for free. Taxpayers who were ill-advised by normally very competent CPAs and other tax practitioners,
but for whom the tricks and traps
of Trader Status were unknown to them.
A good CPA does not need to know everything, he only needs to know
where to look it up when a problem arises, or when he's doing your tax
planning. Unfortunately the hard facts are that, when it comes
to traders in securities and traders in commodities, many tax advisors have
no clue that there even is a Trader Status issue to look up, let alone
having the practical hands-on experience necessary to be aware of the tricks and traps
to be found!
What can
you do?
Day Trading Broker
president
president
Link to this site or
right-click to save on your desktop
World's BEST File Management Tool
A review of the TraderStatus.com web site
.
Tax Advice - TraderStatus.com
Tax Advice -
ProfessionalGamblerStatus.com
Tax Advice -
ProfessionalGamblerStatus.com
Help is out there for those qualifying taxpayers whom are
active enough to file with the IRS as a TraderStatus™Taxpayer.
Under Trader Status an electing daytrader may deduct
all of his ordinary and necessary expenses. And
for taxpayers filing under Trader Status they do not itemize those expenses on Schedule A
(but yes, they may
even take the "standard deduction" in addition
to all their "trader status" expense
deductions). Since a trader does not "itemize" daytrading expenses these are not subject to the 2%
limitation, the 3% limitation, or many of several other restrictions the IRS places on the average investor!
Want to learn more about
using TraderStatus on your tax return?
You've come
to the right place!
Come inside and look around where you'll find:
A basic overview accurately
describing the law pertaining to Traders, Investors and
Dealers and the Mark-to-Market election.
Order form to receive additional more detailed TraderStatus
information which can be invaluable when doing your own tax return, or for
providing the information necessary to defend yourself during an Internal Revenue Service Tax
Audit.
Educational (and therefore tax deductible) Trader Books and Audio
Tapes.
Stock trading spreadsheet for manually keeping track of your trading
on a day-to-day basis.
Instructions to retain Professional CPA support for a personal
one-on-one telephone & email consultation to discuss your own unique tax
situation.
Retainer payment form for: Tax Return Preparation;
Mark-to-Market election preparation; Correcting prior errors made when
traders fail to file the required IRS elections properly & timely;
Using the correct forms, and
applying the current appropriate tax favored theories as they apply to you
on your own tax return; or for Representing you in front of the
IRS if you're being examined under field audit or mail inquiry.
Much more
in tax counseling and tax
planning strategies is available starting on our order page,
from the
TradersTaxPlan™
to a
full
service engagement. Techniques as sophisticated as you need them
to be will be custom designed for securities trader and commodities trader clients.
http://traderstatus.com/arizonabev.htm
http://traderstatus.com/carliebrucia.htm
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Last updated:
September 13, 2008
visitors since July
15, 2006
TraderStatus™,
TradersTaxPlan™,
TradersAdvantage™,
TraderStatus.com™,
TradersTaxPlan.com™,
TradersAdvantage.com™,
DoYourOwnDaytraderTaxes™, DoYourOwnTaxes™, DoingYourOwnTaxes™,
DoYourOwnDaytraderTaxes.com™, DoYourOwnTaxes.com™,
DoingYourOwnTaxes.com™,
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are trademarks and service marks of Colin M. Cody, CPA and
TraderStatus.com, LLC, Trumbull Connecticut
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2000, 2001, 2002, 2003, 2004 , 2005, 2006, 2007 & 2008 Colin M. Cody, CPA and TraderStatus.com,
LLC, All Rights Reserved
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