If you have capital gains, losses or trade live in the financial markets, you have had to deal with the issue of taxes. It can be intimidating to try and figure out on your own.
We frequently get questions about taxes and, well, we’re not tax accountants. But, there are some resources that are helpful for you to rummage through to get a better understanding of the issues that investors and traders face.
Are you an investor or a trader, as defined by the IRS? If you can establish Active Trader status, there may be some benefits for you to do so. To understand this question better the first thing to do is read this tax topic from the IRS: https://www.irs.gov/taxtopics/
Second, on your power team for your business, you should get a tax accountant, a consultant or a tax lawyer to ensure you have professional advice on this topic.
If you work with someone local, in your area, great!
If you need someone, consider talking to our partner and set up a free consultation with them: https://tackletrading.com/
Whether you trade as a business entity, an individual with active trader status or just as an individual investor without mark-to-market elections is ultimately up to you. But, you should get informed and understand the questions better, so you can answer them with confidence and develop a strategy for your taxes, just like you do for your trades.
Chart of the Day
The Purpose
From May 10th, 2000 to May 10th, 2018.
Video of the day
What are Lower Lows and Lower Highs
Lower low and lower high is a technical pattern and is considered a continuation pattern. It is similar to to the higher high/higher low pattern except in reverse where a downtrend is occurring.
Today’s Lineup
Coaches Lounge 11am EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Halftime Report 12:30pm EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Cash Flow Club Replay
If you missed last night’s episode where Coach Tyler talked about How to spot whether options are cheap or expensive or would like to watch it again, check it out here.
Funny tweet of the week
@tackletrading: “Do you even Trade Bro?”
Sliver is down and @timjusticeutah & @mattjustice13 ask: pic.twitter.com/P7oS5WRq5P
— Tackle Trading (@TackleTrading) July 19, 2018
