Filing taxes as a retail trader

if your business is a corporation, you have to pay professional fees and that is it.

as for futures trading it's a lot easier for taxes as it's only a few contracts.

 

the local tax collector is just a customer service rep in the tax office isnt' a qualified tax accountant or tax lawyer.

tax account or tax lawyer who want your business will make look very complex when taxes for trading is even easier than doing your own employment taxes.

just enter the form boxes you recive from broker.

it's impossible to cheat on trading profits. the taxman can go to your broker and get p/l statements if you made money and probably has access to your p/l statement already.

individual trades are just like your hours and days you work in your employment record tax. it's not the taxman business to know what hours or days you earn income.

the schedule is just for your own records if you want to show the taxman each an every trade.

 

one more time-you have no idea,what you are talking about..

good luck with that..so far i was unable to find any evidence, that trade while incorporated is better\less complex or let you save on taxes..

one more time-you have no idea,what you are talking about..

 

and the tax office has very weak security for your tax files .

the computer security in your broker is probably ten times more secure than the tax department which has older computer systems that has your files on electronic data.

 

I don't think tradersboredom ever made money trading and had to pay taxes.

 

Here is the best $250 - 300 bucks you'll ever spend:

www.edaytradertax.com Bob & Simona

 

Concerning Turbotax, could someone please correct me if I'm wrong about this. It is my understanding that if you do not want to input and itemize every single trade on schedule D, that you can opt to put your total P/L from trades using Turbotax and then send a copy of your broker's trade log as a supplement to schedule D. Of course you cannot e-file, the numbers must jive and you are still resposnsible for wash sale conflicts.

 

retail investors who make less than 10 trades a year have no problem with listing all their trades on the schedule. for individuals or even partnership or corporation account. it's no the tax man's busienss to know each and every individual trade.

and if they want the taxman can just go to your broker.

if you could cheat give these tax cheaters would be giving the taxman fake broker statements even if they were audited. i doubt you can cheat on that.

 

like you know what you are talking about.