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Avoid the year-end crunch -
form your 2008
trading entity now! The 2008 economic stimulus payment or rebate information January 2008 - a 5 year NOL carryback provision for 2007 & 2008 M2M losses is planned April 2008 - a 4 year NOL carryback provision for 2008 & 2009 M2M losses is planned |
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| Ms. MacGregor here is the missing page from the tax return. |
Planning, Review & Preparation 7/25/08 Electing Mark-to-Market? updated 5/23/08 Trading through an entity? updated 6/26/08 Trader definitions? updated 8/14/08 Tax information & news updated 5/30/08 Discussion Board, F.A.Q., Futures, Benefit Plans & other info Search this site add text to search window Discount Trader's Bookstore updated daily New York Time California Time News items: IRS targets taxpayers IRS does not fully understand the business model for traders - p.67 Internet taxes are almost here Tax Increase Prevention & Reconciliation Act of 2005 IRS rules sloppy bookkeeping IRS now auditing S-corporations as part of a tax evasion study IRS Notice 2008-1 re: S-corp. owners IRS is not charging interest IRS sued for civil rights violations Officials agree - Richard Ney was correct IRS Refund information: Where's My Refund Free money: GlobalResearchAnalystSettlement New Tax Free 401(k) coming: Roth Contributions to 401(k) Plans IRS Historical Documents relating to Alphonse (Al) Capone Ameritrade Apex accounts have built-in GainsKeeper® trade matching for free. Separate Wash Sale and Mark-to-Market reports included. Other brokers offering GainsKeeper (some charge a fee): IB Interactive Brokers, as of 3/22/2005 MB Trading, as of 3/22/2005 ChoiceTrade, as of 3/1/2005 Scottrade ShareBuilder OptionsXpress AB Watley Zero commission trading: Zecco Trading - 40/month BAIsi Direct - 30/month
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... Copyright© 2008 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved. | |
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Some are claiming that the budget plans adopted in March 2008 by the House and Senate Budget Committees would constitute "the largest tax increase in history."- Center on Budget and Policy Priorities Collecting more taxes than is absolutely necessary is legalized robbery. - Pres. Calvin Coolidge There are two systems of taxation in our country: One for the informed and one for the uninformed. - Judge Learned Hand The most dangerous thing you can do to any businessman in America is to keep him in doubt, and to keep him guessing on what our tax policy is. - Pres. Lyndon B Johnson Our income tax system is a disgrace to the human race. - Pres. Jimmy Carter Our tax code is so complicated, we've made it nearly impossible for even the Internal Revenue Service to understand. - Treas. Paul O'Niell I have wondered at times about what the Ten Commandments would have looked like if Moses had run them through the U.S. Congress. - Pres.Ronald Reagan
Short-term
"day trading" is fast... exciting...
profitable... challenging... and tax deductible! When is a CPA firm needed? Serving Traders for over
20 years!
Here at TraderStatus.com™ we will bring together in one place the information necessary to help you survive unnecessarily high short-term capital gain taxes, self-employment taxes and state and federal income taxes. To accomplish this, often a separate trading entity is the answer, but just as often we avoid it as not being cost effective in a particular situation.
As we all eventually learn, those low capital gain tax rates of 15% or lower are not available for the daytrader's lightning fast trading profits. Rather, an individual daytrader's gains (or losses) are subject to the higher ordinary income tax rates! Investors and
securities traders may incur substantial costs with
on-line fees, commissions, real-time data-feeds, computer
equipment and so on. The Internal Revenue Service, on
their own, do not treat most taxpayers very fairly when
it comes to deducting these expenses. Leaving it up to
the IRS publications and instructions, at best, a
taxpayer must first qualify to itemize his deductions on
Schedule A - making those deductions subject to a 2% of
Adjusted Gross Income (AGI) reduction and for some high-income taxpayers even an additional 3% of AGI reduction. |
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What can you do? |
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TraderStatus™, TradersTaxPlan™, TradersAdvantage™, TraderStatus.com™, TradersTaxPlan.com™, TradersAdvantage.com™, DoYourOwnDaytraderTaxes™, DoYourOwnTaxes™, DoingYourOwnTaxes™, DoYourOwnDaytraderTaxes.com™, DoYourOwnTaxes.com™, DoingYourOwnTaxes.com™, DoYourTaxesOnline™, DoYourOwnTaxesOnline™, DoYourTaxesOnline.com™, and DoYourOwnTaxesOnline.com™ are trademarks and service marks of Colin M. Cody, CPA and TraderStatus.com, LLC, Trumbull Connecticut Copyright© 1999, 2000, 2001, 2002, 2003, 2004 , 2005, 2006, 2007 & 2008 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved |