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Copyright© 2008 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved. | |
Trend Fund traders' make short-term profits which are, by default, taxed at the highest incremental individual IRS income tax rates. If you qualify yourself to take a position of "Trader Status" and, if it is appropriate, you also make a "Mark-to-Market" accounting method election, then you can file taxes just like taxpayers all over the country who have lowered their federal income taxes by thousands of dollars every year. Most traders who do qualify themselves save more in taxes each year than all the fees paid for their Trend Fund membership and other Michael Parness educational material, all their computer equipment and such. Tax planning methods to help active traders (legitimately) eliminate problems with expensive tax rules, wash sales, net operating losses, even allowing a full deduction of the Trend Fund 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.
Tax Mama's I can do it myself, thank you!
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Last updated:
October 17, 2008 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© 2008 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved |