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The Tax Thread
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Created: by Big Mike Attachments:3

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The Tax Thread

  #181 (permalink)
Elite Member
Chicago, USA
 
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This is just my opinion, and I'm no tax expert by any means, but until you are making a few $100Ks on Futures Trading, don't bother. It will only add complexity. You can still take advantage of the 1256 form.

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  #182 (permalink)
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Watch tomorrow's webinar. It covers this in depth

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Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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  #183 (permalink)
Site Administrator
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A reminder for today's webinar.

WEBINAR: TAX STRATEGIES FOR TRADERS
TODAY @ 4:30PM EASTERN US

Presented by: Ryan Curran (Sponsored by Stage 5 Trading)

Topics include: Trader Tax Status overview,
Requirements for being classified as a Professional Trader,
Tax deductions available to Professional Traders,
And Tax Minimization Strategies -- plus Q&A

Registration:
https://futures.io/webinars/#registernow

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #184 (permalink)
Site Administrator
Manta, Ecuador
 
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Posts: 46,168 since Jun 2009
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Big Mike View Post
A reminder for today's webinar.

WEBINAR: TAX STRATEGIES FOR TRADERS
TODAY @ 4:30PM EASTERN US

Presented by: Ryan Curran (Sponsored by Stage 5 Trading)

Topics include: Trader Tax Status overview,
Requirements for being classified as a Professional Trader,
Tax deductions available to Professional Traders,
And Tax Minimization Strategies -- plus Q&A

Registration:
https://futures.io/webinars/#registernow

Mike

Here is the webinar recording:



Please allow YouTube two hours for encoding.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #185 (permalink)
Normal Wizard
Sydney, NSW, Australia
 
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Does income from trading classify as foreign income? Or how about trading through an offshore company and paying yourself from it? I am curious because Uruguay does not tax foreign income unless its interest or dividends (according to URUGUAY: TAXES).

Understanding yourself is just as important as understanding markets.
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  #186 (permalink)
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TickedOff View Post
Does income from trading classify as foreign income? Or how about trading through an offshore company and paying yourself from it? I am curious because Uruguay does not tax foreign income unless its interest or dividends (according to URUGUAY: TAXES).

Read my thread here:

https://futures.io/traders-hideout/34327-offshore-banking-asset-protection-offshore-trading.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #187 (permalink)
Market Wizard
Houston, TX
 
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Nervous Cat  View Post
This is mark to market accounting tax question mostly.

I am a full time trader under my Sole Proprietorship. My accountant suggested I convert to Mark to Market accounting for 2014, which I did.

I am married and manage my two Short Term trading accounts, my one Long Term (1yr +) account and my wife's Long Term holding account.

Today my accountant tells me that all my accounts will be treated as Mark to Market. Even my wife ( we file jointly). Does this should right? My wife is not a trader. Is anyone else in this situaltion?

I thought the major advantage of mark to market accounting was that it allowed you to take unlimited losses?
If you don't have losses I wasn't aware that it changed anything?

Disclaimer. I'm not an accountant, I'm a trader.

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  #188 (permalink)
Market Wizard
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The IRS Has New Favorite People to Audit

Bloomberg: The IRS Has New Favorite People to Audit

Excerpts...

An average taxpayer’s chance of being audited has tumbled 23 percent in three years, in line with an IRS budget that’s dropped an inflation-adjusted 17 percent since 2010. Only 0.9 percent of individual taxpayers were audited last year, the lowest proportion in seven years.

If you make $200,000 to $1 million annually, your chances of an audit are around 2.2 percent, more than double the average. It's even higher for the extra-wealthy—people who earn more than $1 million are audited at a rate of around 7.5 percent

Last year IRS audits of individuals uncovered $11.9 billion in unpaid taxes


The IRS Has New Favorite People to Audit - Bloomberg Business

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  #189 (permalink)
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For anyone living in the UK, there can be considerable advantages, under some circumstances, to trading by spreadbetting, because all profits are tax-free. In the UK spreadbetting is classified for tax-law purposes as "betting" and betting taxes were abolished decades ago. Even UK residents whose primary or sole income comes from spreadbetting are not liable for either income tax or capital gains tax on their profits.

It's worthwhile, of course, to check carefully how well and by whom a spreadbetting company is regulated, what the spreads are like, and whether counterparty trading is involved (in which they effectively hold the other side of their own clients' positions as many "retail forex brokers" do - but often they don't: they simply lay off their own net liabilities in the underlying market and have absolutely no incentive at all for any individual clients to lose their spreadbets).

Quite a lot of the "information" available online about spreadbetting (especially in trading forums) is somewhat prejudiced and hugely out-of-date: for example, there's a pervasive myth about wide spreads, which often isn't the case at all; and there's a similar myth that they don't allow "scalping".

(I haven't read every single post in this huge thread: apologies if this has already been mentioned, somewhere above.)

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  #190 (permalink)
Market Wizard
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Green Trader Tax :- 15 errors traders make on tax returns

15 errors traders make on tax returns | GreenTraderTax

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