As you may realize, a way to get out of the wash sales rule is to elect M2M for an active trader. And a passive friend/family member with his own...
Each State has its own rules for allocation. These are usually based on a weighted formula using the amount of compensation paid, the amount of...
While not all 50 US States have corporate income taxes - the corporation, if it had a physical office in each of the 50 States, YES, that would...
Many brokers offer a download that either does all the work (IB and Ameritrade for example) or that with a little work with a spreadsheet for open...
Most anything's possible... but that answer is not really appropriate, because the question is not applicable, really, to a family owned trader LLC.
IRS Form SS-8 is a starting place if you are not sure if you're talking about employees or independent contractors.
In all States that I know of YES, W-2 employees result in their employer paying UC tax. Some States might allow a little withholding from the...
Just because for IRS purposes an entity usually passes thru all tax attributes, it does not necessarily follow that the State and Local gov't will...
You have no argument from me in that situation!
IMO the tax avoidance when it comes to the State location of an LLC is not IRS income tax avoidance. It is State taxes and fees that are the...
Well that's a specific question best addressed with your own tax advisor... but generally it is where the sale is consummated i.e. where the...
Consider that perhaps you might not be availing yourself to all the income tax benefits available to you: No office in the home deduction....
Vinny, if this was directed to my earlier reply... For IRS self-employment and for IRS income tax purposes it generally makes little difference...
Sorry, somehow part of my typed reply got deleted: Ques. Are self-employment taxes due on income earned by an s-corp or a c-corp? Ans....
S-corps allow reasonable "non-dividend" non-taxable distributions to shareholders for the return on capital invested, IMO. C-corps allow...
IRS law is not really based on State law in this regard. A manager-managed LLC, assuming you chose to set it up that way, would likely, by...
The tax law on LLCs is flexible. Generally anything REASONABLE goes. If you are actively involved, full-time, doing the day-to-day operations of...
A main reason for forming an LLC is the asset protection and putting up a road-block against charging orders. Another reason is to allow tax...
I forgot to mention WHERE to find all these software packages. Simply Google [ traderstatus software ] and the results will lead you in a few...
TradeLog type software for 90% of taxpayers is totally unnecessary expense if the purpose is merely after-the-fact income tax formating of the...
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