Tackle Today: What’s your trader status
August 3, 2018
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
From May 10th, 2000 to May 10th, 2018.
Video of the day
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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