What a hodgepodge our tax system is. I made this poll for a way to vent our frustration. F. PeBBLe ps If Steve "flat tax" Forbes runs for president again, I think I may vote for him. I'm sick of this bs.
Be sure you total up the complete amount (federal, state and local) that you paid in taxes. Stare at that very large number for a while. Then think about how even with all that @#$%^&*! money: You paid lots more in property taxes, sales taxes, gas taxes, alchohol taxes etc. Then you paid even more in various hidden taxes (such as employer contributions) In spite of seizing this huge pile of money, the Feds are still running budget deficits And finally. a very large number of people want to raise your taxes, seeing as how you are a "winner in life's lottery." I once was standing next to a liberal who got his first paycheck as a professional (he used to be a dancer, this check was for his first two weeks as a computer consultant). He was floored and instantly realized what we had been talking about for so long. No more tax and spend for him. I've always got a fresh bottle of whiskey standing by for when the taxes are done. Be sure to vote for the largest party that is very serious about reducing your taxes. Vote Libertarian.
with the software and free advice on the net nowadays doing your own taxes isn't that hard to do anymore. i think every business owner should know how to do his own taxes. that way you will know how the decisions you make will affect your p\l and avoid surprises at the end of the year.
Thanks for reminding us. I'm actually thinking of moving to Europe. Over there taxes are even higher than here, but at least you get something for your money. When you need to see a doctor you pay approximately $5 as a co-payment per calendar quarter and $3 per prescription. That's it. And you don't have the situations like an elderly couple from New Jersey recently told me about. "I understand your wife is in excruciating pain, but the next available appointment is June 18."
My business activity is so small, I don't even bother. I just subtract the cost I pay for materials from my sales. Schedule D, of course, is a different story. If you have a gain from a short sale you have a different cut off date than if it is a loss, unless of course it is a wash sale, unless it's part of a straddle, unless it's part of a designated straddle, unless you close the straddle at a certain time, unless that closing transaction is a wash sale, unless it is part of a straddle, unless it's a designated straddle ...
Years ago I too use to think my taxes were frustrating. Not anymore after a got a good tax accountant to do it for me. Trading is hard work itself...I don't need a second job for one week in doing my own taxes. NihabaAshi
Well, when I make a little more money, I won't feel so bad about having someone do the dirty work for me. Right now, I want to pinch as many pennies as I can while my account grows. For now I'm sacrificing the convenience of having someone do them for me in order to save money. Also, the problem is the government's tax code. If they're going to make us all file tax returns, the average man should at least be able to complete it with ease. They give millions of us headaches every year instead of just fixing the real problem on THEIR end. THEY ARE NOT DOING THEIR JOB--SIMPLIFY THE TAX CODE, PEOPLE! FRuiTY "pissed off" PeBBLe ps Which assholes are voting "No, I think it's fun." in my poll??!!
I kinda enjoy it. Every little deduction. I honestly add up the 1 dollar receipts i have from making faxes, or the 10c cost of copying at the library. Honest, i have all those receipts. Even saving 10 bux is great for me, even though I make or loose thousands a day in trading, I'll do anything to keep it out of the fed's hands.
When I did mine, all my deductions added up weren't greater than the standard deduction, so receipts were just a waste of time for me (since I went with the standard deduction). Did I do something wrong, or is that just the way it is for most people?
GG, If you are using Sch A for expenses then you would be subject to the 2% floor and have a choice of standard or itemized deduction. If on the other hand you treat your trading as a business you could use Schedule C and net those expenses from your trading income.