Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: henry jakala who wrote (302)	12/23/1997 8:39:00 AM
From: Colin Cody	Read Replies (1) of 5810

Your "trader" contacts need a rare CPA who knows what the h@ll s/he is doing (g). . Clearly any INVESTOR or Day-TRADER reporting sales of securities on their Schedule C is having his tax return prepared incorrectly. . If you make a living from doing dayTRADING you simply do NOT pay SS or Medicare tax, PERIOD. . I'd have to sadmit that most CPAs or EAs or other tax pros that I speak with haven't a CLUE what I'm talking about when I discuss TRADER STATUS. . When looking for guideance, start right off asking the CPA if he handles STOCK TRADERS and if so to briefly explain the difference in handling a TRADER vrs an INVESTOR. . You should know from his response within 45 seconds if he has what it takes to handle your return... i.e. within 45 secinds you'll ELIMINATE 499 out of 500 preparers, IMO. . Colin in CT

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