April 2019
Beginner
368 pages
10h 17m
English
Content preview from Day Trading For Dummies, 4th Edition
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Chapter 17
Taxes for Day Traders
IN THIS CHAPTER
Understanding the rules for different trading products
Hiring a savvy tax adviser
Figuring incoming income and outgoing expenses
Divulging tax secrets for IRS-qualified traders only
Reporting to the IRS and paying estimated taxes
Paying into retirement accounts
Think day trade returns come without a catch? Think again, because the IRS has plenty of ways to catch you come April 15. Day trading involves strategies that generate both high returns and high tax liabilities, which can eat away at your total return if you’re not careful. Not all your expenses are deductible, and although you may think that you’re day trading, the IRS may have a different definition of your activities.
Taxes themselves aren’t necessarily bad, because citizens have to pay for things like roads and schools and national defense somehow. But taxes can be devastating ...
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