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  Copyright© 2008 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved.
 
Top Trader traders' short-term profits, by default, are taxed at the highest incremental individual IRS income tax rates.

When you are able to qualify yourself to take a tax position of "Trader Status" and, if appropriate, also make a "Mark-to-Market" accounting method election then you can file taxes like many other taxpayers who substantially lower their federal income taxes every year.

Most traders who do qualify have saved more in taxes each year than all the fees paid for the Top Trader fees and their computer equipment and so on.

Tax planning methods to help active traders (legitimately) eliminate problems higher than necessary taxes, the wash sales rule, net operating losses, even allowing a full deduction of any Top Trader seminar fees which otherwise might not be deductible on your tax return
(see IRS Code Section 274(h)(7)).

 

"Trader Status" is also recognized by most States and can lower those taxes as well.


Form your trading entity now, before using any money that otherwise might not be deductible http://www.traderstatus.com/tradingentity.htm



Look around my web site and if you do your own taxes, give this tax position some thought.  If you'd like assistance with your tax planning, compliance work and tax return preparation of federal and state income tax returns, please contact us to become a client.

 
























Taxpayers requiring more assistance in their PLANNING, design and set-up of their trading business and with the PREPARATION or the REVIEW of their tax filings are encouraged to contact us for personally tailored tax advice at our normal rates.

How can a CPA help you? 

Why work with a CPA? 

Tax Mama's I  can do it myself, thank you! 

Smart Money's Finding a Tax Pro 

The Blade's Complicated Returns send filers to the Pros 

What's needed to get started right away?


Write to us first with an outline your situation and what you are looking to accomplish (besides the obvious: lowering tax bill)wink!
GetMyTaxesDone


Colin M. Cody, CPA, CMA
TraderStatus.com LLC
6004 Main Street
Trumbull, Connecticut 06611-2400

(203) 268-7000



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Last updated: October 17, 2008
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2008 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved