Do yourself a favor and use a CPA for tax prep. Money well spent and you will always save their fee and more by using a CPA. Plus there is a value to sleeping well at night that comes with their service.
good advise,but its' not going to hurt to learn how things work. cause many CPA i've seen don't know s**t. specially when dealing with income solely from short term trading. after many f** returns and couple thousands dollars wasted on those morons, i've ended up doing it by myself and having cheap local guy just double check everything. works for me. you need to know the taxes. CPA's might not know(or you might forget) about various credits,deductions etc.
Very true, I recently had a CPA tell me that prior capital losses could only offset capital gains by $3k/year for each year they carried forward. Knowing the rule re: ordinary income, I asked him to clarify & he still maintained his position. I shook his hand & rolled out ASAP.
Tradelog & CPA, just another business expense. With the complexities of our tax law's, be foolish not to. Mark to Market election also
No big deal. Put every buy/sell trade into excel and take the spreadsheet to any accountant. My guy charges 500.
This is why a wealth tax is a good idea. like 2% wealth tax per year for wealth above 50k. capital gains tax is too complicated. I love not having a capital gains tax in my country
Thank you for all the responses I had a really rough night on Friday and didn't get out of bed until 3pm on Saturday to avoid being awake. This is stemming from the fact that I made about 45k on HLF end of December then continued to trade it into January ultimately losing 77k on this symbol in its entirety. I will be contacting an accountant who specializes in trading to weigh my options.