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| A Great Tax Coach Can Make 2008 Your Championship Season |
02-12-2008 |
Don’t you love New Year’s Day? It’s the one opportunity we day traders have
each year to count up the score, post our win-loss record and do our own private
end zone dance.
But as with any bowl-bound football team, day trading is not all about playing
offense. You also need one heck of a good tax defense if you hope to win big in
this game.
That’s where the industry-leading tax experts at Traders Accounting excel, of
course. As day traders and tax accountants ourselves, we help you choose from
our comprehensive tax accounting services to build a winning game plan by
focusing on the fundamentals: business formation, trader tax status protection,
record keeping, tax filing and tax strategy planning.
No football team wins a championship without a skilled coach to organize,
motivate and inspire both the offense and defense. The same is true in day
trading, where the best offense is too often shackled for lack of an aggressive
tax defense.
Here are 10 reasons to make Traders Accounting your tax coach in 2008:
Trader Tax Status: Think of your trader tax status as your defensive line;
lose it and the IRS will run all over you, tax-wise. You need to know where the
IRS draws the line on traders tax status, and how to avoid stepping over it.
We’ll Our tax accounting services will help you stay inbounds in this unique and
invaluable tax category.
Mark-to-Market Accounting: Think of mark-to-market as your defensive
secondary when applied to day trading taxes. Because it converts your income/losses
to ordinary income instead of capital gains/losses, it stops the long run by
acting as loss insurance. But M2M is not right for every day trader. Consult our
coaches for tax planning advice before making this call.
Business formation: Forming a business entity is a wise game plan for
every day trader. But which entity is right for you – partnership, Limited
Liability Company (LLC) or C Corporation? We’ll Our tax accounting services will
help you build a business offense specifically tailored to your needs. Proper
tax filing: Think of an improperly filed tax return as a fumble or interception
– it will always cost you; it’s just a matter of how much. Filing tax data on
the wrong IRS forms can and does cost traders a bundle in day trading taxes,
year after year. Interestingly, garden-variety accountants cause many of these
fumbles because they don’t understand the unique rules of filing a trader’s
return. Don’t let them fumble your return – get Traders Accounting’s industry-leading
tax pros on your sideline today and get the right advice on tax planning for
2008.
Audit insurance: Last fall, the IRS resumed its practice of random audits
by targeting 13,000 individual filers in an attempt to recoup an estimated
annual “tax gap” of $290 billion between taxes owed and taxes paid. Who’s their
primary target? Correct: self-employed businesses like yours. We’ll Our tax
accounting services will help you avoid this blitz.
Business tax deductions: Business deductions are like sacking the
quarterback; they move you forward by moving the IRS back. The IRS allows you to
fully deduct all “ordinary, necessary and reasonable” business-related expenses,
as long as you qualify for trader tax status and elect mark-to-market accounting.
We’ll Our tax accounting services will help you get the most from such allowable
write-offs as margin interest, legal and professional fees, new equipment
amortization and travel and entertainment, to name just a few.
Home office deductions: This is your home-field advantage, so make a plan
to take advantage of these type of tax deductions. The home office deduction
enables you to deduct that portion of household expenses that are used to heat,
cool, maintain, repair and finance the part of your home that you use
exclusively for business. In addition to deducting these indirect expenses, it
allows you to depreciate that same portion of your home’s basis for tax purposes.
We’ll Our tax accounting services will help you maximize this rare example of
IRS generosity.
Bookkeeping: Bookkeepers are the support squad – the trainers, water crew
and statisticians – who keep your team moving. Our Traders Accounting
bookkeepers can review your account every month to keep it current with trader
tax law changes and updates, and issue you a comprehensive, easy-to-understand
quarterly financial statement. Got “wash sales?” Sure, we do laundry; if you
choose to forego mark-to-market accounting, we will run your stock trades
through our program and track your wash sales for you. We also provide a similar
service for futures traders.
Record keeping: When it comes to withstanding IRS scrutiny, good record
keeping is the difference between scoring a touchdown and facing fourth and one.
Although you may think you keep adequate records, when push comes to shove the
IRS standards are the only rules that matter. Penalties for infractions can be
steep: 20% of what the IRS figures as your understatement. Traders Accounting
can show you how to keep proper records to avoid those IRS white flags.
Tax strategy: As every coach knows, you need a game plan to win. Just so,
every day trader needs a tax strategy that not only takes into account their
current trading profile but their business and family needs, including health
care, college saving, insurance, retirement and estate planning. We all have
changing lives and changing needs.
At Traders Accounting, we are dedicated providing you with comprehensive tax
planning advice and to minimize your tax position as your needs require.
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