In case you missed the presentation by Jim Crimmins of Traders Accounting given on March 23, be sure to watch the recording below. It contains money-saving tips that benefit traders and non-traders alike; very important this time of year (tax time).
In the presentation, Jim covers the following:
- Trading as a sole proprietor
- The IRS “special rules” surrounding “Traders Status”
- The recent Frank Chen Tax Court Case, and what it means to all traders
- The advantages and disadvantages of trading as a formalized business—what type trader would use a formal business?
- Is there a cookie cutter approach to tax savings for a trader?
- The taxation of 1256 contracts
- The difference
- What types of trading business would fit in this category
- Mark to Market
- A panacea or an empty promise for a trader?
- Trading in a retirement account
- What is the best way to approach this