I file differently than what I'm going to mention but I believe I'm correct for newbie stock traders. If you daytrade full time with no other income, you can file form 1040, use Sched D for your trading gains, put your profession as "Trader of Securities", and if you want to avoid audit chances, don't claim any of your expenses. Your taxes would be composed of a filled out 1040 & a sched D. On the 1040 you would put 0 for the "Wages, Salaries & Tips" line on the form & put your profits on the "Capital Gains" line. You wouldn't owe self employment taxes. Would those guidelines help newbie traders just starting out with stock trading? Or am I incorrect. (Note: I'm not a tax attorney or giving advice, I'm just talking & I may be 100% wrong) Am I right or wrong? Is what I mentioned correct?