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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Nelson Chang who wrote (849)	5/7/1999 11:27:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

Nelson, Have you read through this list of possible/typical expenses that a form 1040, Sch C taxpayer may deduct: traderstatus.com All these are relatively straight forward and most, if not all, can be handled "on your own" doing your own bookkeeping and tax work, if you'd like to, although for being in the 39.6% tax bracket, I'd think your time is too valuable to do that yourself rather than pay a CPA a couple thou and do it for you. But, if you are talking going BEYOND this, and you want the real sophisticated stuff, then you need a CPA, or tax planner, or tax attorney, or all the above, depending on how much $$$ is involved. With the 39.6% bracket, year after year, you would be a candidate for family tax planning, using corporations and maybe a family (limited) partnership. While I do this kind of work for many taxpayers, this can also be handled by a local CPA firm near you too, since it is not really all that dependant on knowledge of trader status, but more on using the corporation to offer more deductions. It gets complicated very quickly at this stage, you need to retain a good CPA, or tax attorney. Colin