eventually in this thread i will figure out this TAXATION NIGHTMARE. but i will start with... what are the 4 due dates for the 4 quarters that payments are due? also, if i have stock trade losses from previous (recent) years, can i use them to lower my tax burden on gains from futures trades? thanks p. s. OUR TAX SYSTEM SUCKS!!!!! every time i try to learn more about taxes, i immediately want to stop within 1 minute of reading something. SOMEONE DO SOMETHING ABOUT THIS MADNESS, PLEASE!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GG, I don't know if it's the same for Americans, but for Canadians, the quarterly installments are due the 15th of March, June, Sep, Dec. ... I forgot the September one, and sent it in on the Sep 17th The gov. duty is to find a way to taxe you the most. Your duty, as citizen, is to find a way (legally ;-) ) to pay the least taxe. A good way to look at it is : Paying taxe is good, it means that you made money. Cheers!
2003 Quarterly ES due dates: 1st quarter: April 15th 2nd quarter: June 16th 3rd quarter: September 15th 4th quarter: January 15th Note: no need to remit the January payment if your return is filed by Feb 2, 2004 and the entire balance is paid with your return.
Generally, your futures trades will be initially reported on Form 6781 (60% LT, 40% ST) and then carried over to Form 1040 Sch D. Your capital loss carryforwards (ST and LT) are reported on Sch D and offset gains from futures transactions......again, generally.
Is it required that futures traders have to report every quarter, or can it be every year ? Is there a penalty for not reporting every quarter ?
If you are a US income tax payer, you have to approximately pay taxes on income in the quarter it was earned (or earlier). If you save up your entire tax payment for the following April you'll likely owe penalties and interest. Employees have taxes withheld from their paychecks throughout the year and self employed individuals have to send in quarterly estimated taxes. Look up the instructions for estimated taxes on the IRS website.
I could hook you up with my accountant..he does a whole bunch of traders taxes...and knows all of the ins and outs...PM me if you want his info... M
They are not a problem.....you do not need an accountant for this clerical operation. Any dummy can do it...... Your just trying to avoid a 2% penalty at the end of the year. Just send them some money each quarter if you anticipate having a tax bill over 2k. You can call your accountant to find the new threashold amounts or just call the IRS directly....it's easy.... believe....take it from a guy who just won in tax court without any help at all....just due diligence and taking responsibility for his own actions. Our tax system is not that complicated. I have owned many business and done my own taxes for years with Turbo Tax. I have verified my returns with CPA's and I found more deductions than they could and they said I was doing fine. Basically, people do not want to take responsibility for their tax return......Accountants, Tax attourneys, bookkeepers....all of em' have us brainwashed. Michael B.
No situation is too complicated to justify using a tax professional.... I have IRA's, SEP's, Joint MSA account, Home Business, Homeowner, Rentals, trust account, foreign holdings....corporate partner....limited partnership ......I am a trader......a CTA........ What else could be more complicated? Michael B.