DAY TRADER TAXES | Strategies to avoid overpaying on taxes
ฝัง
- เผยแพร่เมื่อ 30 ก.ย. 2018
- Tax Strategies on how to preserve your trading profits and avoid overpaying taxes.
In this webinar we cover:
-Types of Income/Losses For Traders
- Trader Vs. Investor Classification
- Top Deductions for Traders
- Mark To Market Accounting
- Key Tax Deadlines for FY 18
To learn more about SpeedTrader, visit:
speedtrader.com
To learn more about Trader Tax CPA, visit:
tradertaxcpa.com
Connect With Me! linktr.ee/BrianRivera
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This is an excellent resource. Thank you.
Excellent tax information! I especially enjoyed the trading comparison to hunting. That was awesome!
Great stuff.. tkx for sharing
Mahalo from Honolulu. That was a very informative and excellent video!
This dude is awesome!
Hey Brian! Love this video it’s super informational. I’m actually in the process of becoming a funded trader through a prop firm. So my question is are the Tax rules any different?
Great video Brian! This year I am trying to get TTS. In the meantime, is it possible to create an LLC for business expresses (home office, computer etc.) without being seen by the IRS as an investment entity? Would I need to offer some type of service like educational content etc?
Joshua Gleason absolutely! Just need to be careful with Irs hobby loss rules
I’m considering whether to claim TTS, but no 475 election. Heretofore I’ve been an investor on my tax returns. One issue is that, in 2023, after tax loss selling, my profit was about 50% dividends and interest. As such I am a little hesitant to claim TTS. Wonder if you have any thoughts.
I also am hesitant to file a negative Schedule C. Have very little appetite to get audited and deal w IRS.
what is the cost from beginning to end to set up a single member llc including consultation?
If I joined a proprietary desk firm and trade from home what kind of tax deductions can I get?
So I like to trade penny stocks in my td account. So can I write off the fees as a business??
Greetings are these services available internationally or USA only???
Hey Brian, quick question for you..in your opinion what is a better way to be taxed as a trader given that you are working for a prop firm? im seeing things about K1 and 1099 but im still a little unsure how it wil work or what is more beneficial.
That depends on a few factors. High level - If 1099-misc you’ll pay federal, state, and self employment tax. K-1 traders typically receive pass through short term capital gains not subject to self employment tax.
Brian Rivera, CPA thanks a lot!
Does it matter what market you trade... Specifically forex...
All asset classes are included.
@@BrianRiveraCPA you no if they including crypto now? They tax you for it.
where you located in Florida I live in Florida I need someone that knows what there doing for taxes now that I'm dealing with stocks and capital gains
Hi Brian, I understand that mark to market is a permanent election. What are the consequences or cons if one decided to no longer trade (or take a pause on their trading) after making this election? thanks in advance
If you don’t meet the trader status criteria then - you won’t be able to use m2m.
@@BrianRiveraCPA if I understand correctly once election is made, it's on record with the IRS and I'm eligible to use m2m on any subsequent years that I meet the trader status. Say if I paused trading for 2 years but on year 3 I meet the trader status criteria then I can use it on that year's tax return without having to make the election again?
@@averageneo you can reverse the election in your internal biz records. If you want it to be clear/no question what the date was, do it electronically as well as on paper. Example: e-mail yourself concerning the election, print it out and stick it in your biz records folder.
There is no slot for consultation for Feb, and March 2021
I had an appointment but no one call me 😥
The CPAs I know here in Arizona don’t know shit about helping an investor or trader save money on taxes. They organize your tax information in their software and file it for a fee. I’m still learning but not with the help of any CPA.
How do new traders qualify as "traders" if they start with small accounts and do not have "millions" in turnover. You go into great detail about the tax benefits for traders but virtually zero detail is spent on the actual qualifications.
thank you
Check out our blog at tradertacpa.com where we discuss the traderstatus assessment. The IRS allows for business expense treatment for “active traders”.
@@BrianRiveraCPA link should be tradertaxcpa.com
Brian Meece yes thank you!
I Day Traded in 2019 in a taxable account NOT a ROTH. Just a cash account.
Made a bundle.
IF I reinvest that money (before years end) into a Roth do I still pay capital gains on the gains from 2019? Plz help.... Ty
Retirement-plan contributions can only be made if the trader has earned income, which is subject to the self-employment (SE) tax or wage income. The S-Corp/C-Corp entities can establish officer compensation to allow for this.
so does this company deal with us small fish that fall under the PDT rules and not making much if any money yet
Hi - yes we serve all clients!
@@BrianRiveraCPA I understand you are a trader as well, I would like to speak with you on that, via phone or whatever
Question can we write your services off in out taxes lol
The girl he spoke about probably owed like 75k, how the hell did she spend so much of that 250k to the point she had to struggle to pay her taxes. That's crazy. Yeah paying taxes suck just off the normal short term capital gains, but tbh what she did was reckless, sure she didn't apply for anything tax advantaged as a trader but she really shouldn't have handled her money like that. You're that good at trading and yet completely fumbled on taxes. I assume she learned from that and is doing better now.