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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Daphne who wrote (996)	4/12/1998 1:23:00 AM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

Daphne, So where's the TRADING TIPS?!!!!! (g) . Can we take more than 12% of the Electric for a deduction OF COURSE! . if so how should we back it up. ANY REASONABLE METHOD CAN BE PRESENTED IF REQUESTED UNDER AUDIT. . What is your opinion of the comment in ted tesser book that if you extend your return to oct 15th you have less of a chance of being audited pg 164. MOST PEOPLE ARGUE THAT GETTING IT IN PRIOR TO APRIL 15th GETS YOUR RETURN LOST IN THE SHUFFLE. THEY BELIEVE FILING AFTER APRIL 15th ALLOWS THE SERVICE PERSONAL TO TAKE A FEW MOMENTS TO REVIEW STRANGE ITEMS ON THE RETURN. . MY OPINION IS I WOULD NOT FILE BEFORE APRIL 1st, AND I'D LIKE TO GENERALLY FILE BEFORE OCTIOBER 15th. . BUT WHETHER YOU FILE BEFORE APRIL 1st OR EVEN AFTER OCTOBER 15th, I DON'T SEE ANY CORRELATION BETWEEN THAT AND OFFICE AUDITS. . MY FIRM HANDLED 2,000 RETURNS OF ALL KINDS ANNUALLY AND AFTER 18 YEARS THERE I NEVER SAW SUCH A CORRELATION. . CORRELATIONS ARE FOUND BY HAVING A LOSS ON A SCHEDULE C (WHICH YOU WILL HAVE AS A TRADER) AND HAVING A SOPHISTICATED POSITION ON A TAX RETURN THAT WAS NOT PREPARED BY AN EA, CPA, OR TAX ATTORNEY. . AFTER AUDIT, I SEE THOSE THAT GO IT ALONE EITHER GET CRUCIFIED, OR GET OFF SCOT-FREE BECAUSE THEY CAN OUT-TALK THE AGENT. . COLIN