Taxes are by far the single largest expense for any profitable trader. We are all too aware that the IRS becomes your partner and in essence claims as much as 40% of your profits. Filing your return as a trader will significantly reduce your tax. Many traders pay more tax than they have to. Learn how to make the IRS become your partner should you have a net trading loss.
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Taxes for Traders, LLC is a firm set up to provide tax information, tax preparation and tax planning services to traders and active investors. There is a great deal of misinformation on web sites and in printed materials concerning taxes for traders and we hope to serve as a resource of correct tax preparation and planning information.
Every trader is unique with different needs and different fact patterns such as their assets and liabilities, family considerations, state of residence, etc. Your trading business and entity structure must be custom tailored to meet your particular circumstances. A 29 year old single scalper with gains of $300,000 a year has different needs than a 45 year old married Momentum Trader with 3 children and a fulltime job.
Section 1256 Contracts are subject to special tax rules. Section 1256 contracts are markedtomarket by law, which means that a contract held at the end of the tax year is treated as if sold at its fair market value on the last business day of the year and you must include this unrealized gain or loss in your taxable income for the year.
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