Are you allowed to deduct the costs of charting service and news feeds like briefing and fly on the wall. It seems that no one can give me a straight answer on the matter. Most accountants seem clueless and I have heard everything, some saying its a completely legitimate write off to some saying Im going to get audited. From everything I have read it seems that these are all legitimate business expenses that are all 100% legal deductions. Anyone care to comment on this???
I deduct them, on a schedule C. Hire a qualified CPA that knows trader's accounting. el surdo http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Yes they are legitimate expenses. But how you file determines deductability. An MTM trader generally would have no trouble. An investor though would have to reach the miscellaneous expense floor of I think 2.5% of AGI before other expenses are deductible. Schedule C, partnerships, and other entities or business filings have no issue. I am a trader, not accountant. I make no recommendation or warranty.