Traders: who does your taxes?

Discussion in 'Taxes and Accounting' started by bat1, Apr 11, 2008.

  1. Yes - don't earn anything. Or do tax evasion, and wait for a prison term when they eventually find you.
     
    #11     Apr 11, 2008
  2. Ed, who do you trade with? IB actually makes it easy on their statements to match up transactions quickly with the "O" (open) and "C" (close) codes.

    I used to trade a lot with TDAmeritrade (back when they were just Ameritrade) and my husband wrote me a script in PERL that would spit out all of the matched pairs of transactions. It was smart enough to do FIFO splitting of opening positions when I closed them out a little at a time. It also had the intelligence to mark wash sales and such. I don't know how much tweaking it would require to work with another brokerage's statements.
     
    #12     Apr 11, 2008
  3. Bob111

    Bob111

    the question is lame to begin with...what did you trade?did you make any money on those 400+ trades?
    if you do-then your broker should provide you some tax forms.didn't they? what do you have?
     
    #13     Apr 11, 2008
  4. Bob111

    Bob111

    how much they charge for 6 months? doubt that you can get extension for free..
     
    #14     Apr 11, 2008
  5. Surdo

    Surdo

    #15     Apr 11, 2008
  6. I may be a little slow but please explain a few things to me.
    1) "no one here makes money", but you have to pay $225,000 for your first quarter estimated tax? so your baiscally tell us you made over 3 million last year. So your the only person who makes money on ET?

    2)how do "estimated quarterlies suck to no end", if you get to keep all the money you earn and all you need to do is keep 35-45% set aside in an account accumulating intrest. Would you rather have the IRS deduct it out of your paycheck every week. im guessing your one of those people who thinks if they got a refund they got free money from the IRS, rather then in reality you gave them an intrest free loan for a year.

    3)im guessing your joking but why do you "need to beg borrow and steal to make your payment due in 4 days"? if you made over 3 million? sounds like someone is bullshitting. :D or is very insecure and has to point out he makes money. IM guessing your just full of shit
     
    #16     Apr 11, 2008
  7. hey what do you mean? pay 0 tax a year, or not have to pay estimated taxes?
     
    #17     Apr 11, 2008
  8. It's worse than you think as '226,000K' is actually 226 million. I'd call Uncle Ben for a loan.
     
    #18     Apr 11, 2008

  9. id be excited if my estimated tax payment was 225 million was due in 4 days
     
    #19     Apr 11, 2008
  10. You assume quite a lot. I'm totally full of shit. I just wish I were about this tax bill...newpie

     
    #20     Apr 11, 2008