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Tax Planning and Preparation Services for Day Traders

How To Qualify for Active Trader Tax Status

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One of the great things about trading is that all you have to do to become a trader is get started. Many people trade as a hobby, while others trade full-time to make a living, and then there are some traders who fall somewhere along that spectrum with their activities.

Depending on how much and how often you are trading, you may be able to reap certain benefits when tax time comes around. If you’re a serious, dedicated day trader, then claiming active trader tax status is your best option for maximizing your deductions and minimizing your losses. But how do you qualify for this elite tax category? Let’s take a look.

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Trader Tax Services in AZ

Understanding the Wash Sale Rule

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It’s important for anyone who buys and sells stock on a regular basis to be aware of tax code policies that can affect you come tax time. We understand that this can be a lot to keep track of—especially for day traders—and not to mention pretty confusing!

The best solution is, of course, to have a professional advise you and handle your taxes so you don’t have to worry about trying to figure out all the rules. However, that doesn’t mean you shouldn’t educate yourself on the tax regulation basics!

Start with our breakdown of one of the most inevitable policies you’ll have to deal with in the trading profession: the wash sale rule.

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