taxes and accounting

Discussion in 'Taxes and Accounting' started by packmule, Mar 17, 2007.

  1. packmule


    i want to start day trading this year. i have a full time job, but i work alot of evening and midnite shifts which leaves alot of time to trade during the day. i haven't talked to a tax pro yet, i came across this website and thought i would try to find someone to help me understand what to do to get started because it seems pretty flipp'n confusing. i know i should apply for trader status, correct? but what about accounting, mark to market seems the way to go but having a full time job other than trading. should i set up my trading as a business? I suppose what i really am trying to avoid is a big tax bill at the end of the year if i happen to make some money. i really would like to trade for a living but i'm only have 35,000 to start with and i would like to trade for at least a year to see how it goes before quitting a full time job and also to give me time to build up my account. any response will be greatly appreciated. thanks