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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: RookieTrader who wrote (461)8/21/1998 9:39:00 AM
From: Colin Cody  Read Replies (1) of 1383
 
Sec 179 is a Code Sec that a Trade or Business may elect to use, annually to write off assets all at once.
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SE Tax is on the EARNED income of a Trade or Business.
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Your other questions have to do with the actual nuts and bolts of assemblying tax forms. The tax preparer will do that on the trader's behalf. I would NOT suggest that a Serious Trader ever do his own tax return whether he is electing 179, 475 or doing neither. It is a sure road to a failed audit down the road.
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As you know 99.9% of the population, 99.9% of the Professional Tax Prep field and even 99.9 of the IRS Agents, have a mindset that there are only INVESTORS, and Investor rules are understood by many, they are in your newspapers, tax prep books, T.V. shows etc.
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Get Tesser's Book on Traders for a good overview on your pre-Sec 475 Income Tax options! Tesser is available on-line at barnesandnoble.com
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