Wayners, consider forming an LLC, qualifying for tax trader status, and using MTM accounting methodology. I use a firm in NY that specializes in precisely these areas, including tax trader status. Please take note that it is not particularly easy to qualify for tax trader status, but if you meet a set of golden rules that are considered "airtight" against the gov thugs, it is definitely worth considering. This is the way I operate my securities trading business and have for years.
The name of the firm that I use is called Green NFH, LLC. They are a CPA firm that specializes in tax trader law, which is decidedly different than investor tax laws. For example, with MTM accounting, there is no such thing as a "wash sale". All "wash sales" are completely legal under the law, provided that you qualify for tax trader status.
It is highly unlikely than any local CPA would know anything about tax trader laws or the very unique and special provisions associated with those laws. The people at Green are experts in this area. Of course, there are other such firms, but I do not have any experience with anyone else in this specialized area. Perhaps someone reading this does.
Anyway, I've been using the firm for years and I don't have any major complaints so far. They routinely save me far more money than I would otherwise have to cough up to the gov thugs at gunpoint each year.
There is also special software that I use called TradeLog, which allows imports from most brokers and many trading firms. Tradelog requires an annual subscription, but it is well worth it. Green and Tradelog work very closely together, and Green uses the Tradelog files for tax accounting, etc.
I certainly don't mean for this to sound like an advertisement, but I just wanted to share my experience with you, and let you know that saving more of your money is possible if you go about it in the right way.
Good luck.
Oh, and just the stay on topic, Soetoro is a g**damn ni99er bastard and an illegal alien gay muslim! -nfg- |
