I will be honest, I am CLUELESS when it comes to taxes. I tried doing them by myself in 2011 when I first got started, the process took me 8 hours. Back then, I traded just a small fraction of what I trade now. You could not pay me enough to do them myself again. In 2012 I tried taking my taxes to H&R Block. I didn't know much, but I at least knew enough to know they botched them terribly.
I wound up making the switch over to a specialized trader tax service, professionals I could trust. I have to thank Michael Goode for pointing me in their direction: http://www.greencompany.com/. Here is further information from Michael Goode regarding taxes on his blog: http://www.goodetrades.com/2012/02/taxes-for-day-traders/
Now when it comes to taxes, I simply ask them what to do and follow instructions. I have no answers when it comes to tax questions, so please don't direct any my way. I suggest you get a tax professional of your own to consult, because their answers will be far better.
I'm new to this and plan to start my account with 2k but won't trade until I study everything and one of my concerns was how would taxes be taken care of. This does somewhat answer my concerns. Do you offer plans on profit.ly to send out your watchlists?
ReplyDeleteI'm actually not a profitly guru and have no plans to be anytime soon. Follow my twitter though, if I don't post a watchlist here I at least will tweet tickers there.
DeleteThank you for the response. Def will follow you on Twitter. Love how you did this all on your own with some help and I'm looking to do the same thru videos of yourself on Tim Sykes website and I'm currently on the challenge list. Got my interview on weds but heard about this large fee to hop on and I might not be able to pay it so I might jump on the penny stock silver plan and follow you on twitter as well.
ReplyDeleteEven if challenge is too expensive, not sure it's necessary for success. See this post: http://tradetheticker.blogspot.com/2014/01/question-what-do-you-think-of-tim-sykes.html
Deletehey Tim; I was going into the challenge and saw that you didn't think it was necessary for success; I tried clicking that link to find out why but it said it was deleted. um can you tell me why you do not think it is necessary ?
DeleteCan't find any info on this.. So I came to you Tim. I was trying to get short WLCDF. Platform says I can't trade foreign securities. I can see the L2 quotes and everything why won't it let me trade this?? Thank you for all the help.
ReplyDeleteWhat broker do you use? It may have the level 2 feed, but your broker may not allow the trading of foreign stocks. Have you been able to trade foreign stocks before with this broker?
DeleteThis is a question your broker could answer far better than me, sorry
DeleteDude, you are a cool guy, you've done well at finance but still it seems you are very down to earth. Good going!
ReplyDeleteThanks a lot for pointing us in the right direction for taxes, your a good person. I've been trading for 3 yrs and unfortunately have been only able to write off my losses (IRS will only let your write off $3,500 per yr in losses-know that by hard) but hopefully soon I will use a professional tax service to save me money on my EARNINGS. lol
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