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Webinar: Traders Accounting Tax Q&A For your Business
I wasn't able to get the recording posted today on futures.io (formerly BMT). But I did get it posted on YouTube. You can click YouTube logo from top of any futures.io (formerly BMT) page to view it. I'll get the webinar on futures.io (formerly BMT) tomorrow hopefully.
I have been to more than my fair share of webinars and presentations, and I must say the webinar on taxes and accounting was WELL worth the two hours of my time. Just can't say that about many webinars, especially ones that last that long! Kudos to you and Traders Accounting!
Thanks for the Traders Accounting Tax webinar. The information filled in many gaps in my understanding (or lack thereof) of establishing a trading business, not to mention how imperative it is to do it correctly if you have specific (and hopefully realistic) goals on growing an account, doing it full or part time, and being treated fairly in the current tax structure.
This was particularly timely for me being as I am at a juncture in life in which I am dedicating at least 40 hr/wk to doing trade-related research and/or trading. Also, I am in the process of moving to another state.
I am a little curious about the poll results for the question of whether traders file their own taxes, pay someone to do do it, or don't pay the "unconstitutional" income tax. Last I checked, >10% said they don't pay: whether that is kind of tongue-in-cheek or not, I don't know. If true, you guys must know something I don't about how to hide it, but I wouldn't expect you to divulge that kind of info on a forum like this. It seems humorous to me.
I don't see the constitutionality of income tax either, and it seems Jesus didn't think it right in his day (Matt 17), but to "avoid offense," he paid anyway.
Thanks. Would love to hear from any forum members that have taken advantage of the tax structures discussed and more importantly experience with Traders Accounting dot com.
Recently watched this excellent webinar and had a question if this thread is still alive. Topic was not covered but relates to the actual mechanics of accounting/bookkeeping for trading.
Q1: What asset, revenue and expense accounts are typically created for a day trading business?
Q2: In particular, how are external broker's accounts like IB (where the trading funds sit) represented within the accounts? Or not?
Hope this makes sense. My accounting package does not have 'day trading' or anything close as a starting template.
Or outside of the US and maybe chose that answer.