Day Trader Tax Services

Five Advantages of Being a Day Trader

The idea of becoming a player in the stock market can be scary and exciting at the same time. Unfortunately, people who are interested in trading or investing are often put off by the risk and uncertainty of the process before they can really experience the potential rewards.

Day trading especially gets a bad rep when the truth is, there are a lot of advantages that make it not just a profitable hobby or profession, but a smart and satisfying one too. Here are some of the biggest perks that make being a day trader worthwhile!

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Tax Services for Active Day Traders in Surprise, AZ

Trading vs. Investing: What Are the Differences?

When you decide you want to get involved with the stock market, there’s more than one way for you to go about it. Two of the most popular approaches, which pretty much fall at opposite ends of the spectrum of options, are trading and long-term investing. Determining which approach is right for you is going to depend on a number of factors. Knowing the differences between trading and investing will help you decide which stock market approach is a better fit for your goals, interests, and strengths. Check out our breakdown of the two concepts below.

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Tax Resources for Day Traders

Don’t Fall for These Common Myths About Day Trading

Misconception and assumption plague every industry and job title. Until you do the work yourself or hear from someone who does, you might not even realize that what you think you know about a profession is misguided. No exception to the rule, there are plenty of unfounded beliefs about day trading perpetuated by those who don’t really understand it.

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Accounting & Tax Services for Day Traders

Tips for Mastering Trading Psychology

It takes a certain type of person to succeed as a day trader. Anybody can do the market research and learn about trading strategies, but trading is about more than just following numbers and memorizing techniques by the book.

A day trader should be disciplined, but flexible; patient, but confident; and most importantly, be able to handle the ebbing and flowing of the market without having it affect how and when you make decisions. All of these ideal traits for success are based on the fundamental principles of trading psychology.

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Professional Tax Services for Day Traders

Six Common Day Trading Mistakes to Avoid

The potential for a large amount of profits in a short time period makes day trading an appealing profession (and sometimes even hobby) for many individuals. While the concept may sound simple, in reality it takes careful research, thoughtful strategy, and often a few months of experience to truly succeed as a day trader.

It’s easy to get caught up in the excitement of making quick moves on the market, which means it’s also easy to make mistakes that cost you big—literally.

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Tax Planning Services for Day Traders

Here’s What You Should Know About Startup Costs if You Plan on Incorporating Your Trading Business

As an active day trader, there can be many advantages to incorporating your trading enterprise. A lot of those perks pop up around tax season in the form of deductions. Forming your business and planning your tax strategy with a professional is the best way to fully leverage these deductions.

If you’re just getting started with your trading business, or beginning to consider taking the plunge into incorporation, you’ll have the additional advantage of claiming startup costs in the first tax year of operation. There are a few things about your business’ startup costs that you’ll want to keep in mind for tax time.

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Trading Business Formation Services in AZ

Why You Should Enlist Trader’s Accounting to Help You Form Your Trading Business

Serious day traders typically make the choice to form a business entity in order to separate their trading from their personal name, so that they may gain access to the tax benefits entities receive when it comes time to file.

As a day trader, it’s important to put substantial thought and effort into the details of how you’re going to form and run your business. That’s why working with the experts at Trader’s Accounting to form your trading business is the best next step for day traders who have decided to incorporate.

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Tax Services for Day Traders in Surprise, AZ

Why Have a Professional Prepare Your Taxes?

In the age of DIY and free tax software, it can be difficult to see the value in hiring a tax service to help you when it comes time to file. Many of us are of the mindset that there’s no good reason to pay someone else for something we can do ourselves.

While this philosophy makes sense for something simple, like washing your car or mowing your lawn, tax preparation is an entirely different beast. There are a lot of inconveniences and unexpected issues you may come across filing on your own, especially if you’re a self-employed or even an incorporated day trader. Read more