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From: Joe Ross
Dear Trader,
Did you know that the home-based business is considered by most tax experts to be the ‘last great tax shelter’ for individuals?
For many traders, a home-based trading business, properly set-up and recognized by the IRS, can save them as much as $6,000-$10,000 every year!
However, you can’t just start deducting any expenses you want. And, as I learned early on, you won’t find out about the home-based trader taxation requirements from either your local tax preparer or off-the-shelf tax software.
You have to go to the experts.
That’s why, when I first started Trade Secrets, I partnered with the best trader taxation firm in the business, Traders Accounting.
Their president, Jim Crimmins, is regarded as one of the nation’s leading authorities on trader taxation and small business tax reduction strategies.
I asked Jim the other day, “What is the most important thing a new trader should understand about trader taxation?” Here is what he said:
“ I talk with traders every day. The problem I see facing almost all traders is that they come to my firm asking for help dealing with their profits, losses, and expenses after they have been incurred, which in most situations, is simply too late.
“The sad truth is that most traders start thinking about capital gains and losses and trading expenses in January, after the previous tax year is over, and there is not much we can do at that point.
“I can’t stand seeing thousands (if not tens of thousands) of dollars in lost tax savings go down the drain. That obviously is a financial hit to the client, but it hurts me as well, because it was completely avoidable if the trader had sought out tax education in the beginning.
“It boils down to this. All new traders need to learn about two financially critical issues: Trader Status and an accounting method for traders called Mark to Market. Understanding these two issues should be a requirement for all new traders, and should be understood and acted upon prior to making their first trade.”
I agree wholeheartedly with Jim. That’s why I am writing to you today.
Jim has produced a top-notch educational CD-Rom called Trader Status and the Mark to Market Accounting Election. It has all the information you need about these important subjects.
I’ve watched it, and I highly recommend it. It has the power to help you save thousands of dollars this year.
For more information, click on the banner:
To your success,
Joe Rossand the Team at Trading Educators
