Stephen Ribble
My goal is to help you navigate the complexities of day trading taxes. I can help you save your earnings in taxes and stay clear of IRS complaints.
Are You a Trader?
In tax law, the term “trader” has a specific meaning (IRS Topic 429). It refers to someone who trades in order to profit from daily price fluctuations in securities, rather than long-term appreciation, dividends, or interest. They trade in large volumes and on a consistent basis for a long span of time. However, there are no clear guidelines as to whether traders are deemed short-term, how much volume is required, or how long you must engage in the activity to be called a trader.
Tax Benefits
If you qualify for trading status, you’ll be able to take advantage of greater tax breaks than an investor. Some deductions that would have been claimed as itemized deductions but were subject to certain limitations will now be authorized as business deductions. There are even some tax breaks available to traders that are not accessible to investors. Get in touch to learn more about the advantages available to you as a trader.
Get the Right Solutions
If you do a lot of day trading, you may be able to claim trader status on your tax return, according to the IRS. By claiming trader status, you increase the number of tax deductions on your tax return, possibly saving you thousands of dollars in taxes every year. No two traders are alike, and there is no one-size-fits-all approach to making this decision. I am here to help you make the right choices on your taxation. Get in touch with me today, and I can help you maximize your savings.
Become a Client
I am here to answer all your questions and help you maximize your earnings. Get in touch.