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Wizetrade traders' short-term profits are taxed , by default, at the highest incremental individual IRS income tax rates. When you are able to qualify yourself to be able to take the tax position of "Trader Status" and, if appropriate, also make the "Mark-to-Market" accounting method election then you can file taxes just like other traders 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 the Wizetrade system, their computer equipment, office-in-the-home, restaurant meals, travel and so on. 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 Wizetrade 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.
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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 |