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i looked up the self employment tax info. it was clarified as i posted
yesterday in the '98 Act. as another astute trader posted, the Code
Section is 475(f)(1)(D).
this entire tax issue, for traders is pretty interesting. i personally
trade in both a corporation and as an individual. there is no advantage of
the corporation. since i have other business activity in that corporation,
the IRS would never challenge my expenses. my trading expenses are
deminimis in the scope of things.
in defense of cpa's, its an area most do not practice. one of my companies
in chicago has a tax department, so i have access to a cpa with tax trading
experience. ted tesser (i think that is his name, was posted here
yesterday), knows his stuff pretty well. i discussed a couple issues with
him last year. i almost turned the trading portion of my tax return over
to him, but at the last minute my cpa agreed to get up to speed on this
stuff. so my advice is, do beat the crap out of your cpa, hire tesser to
get your stuff in order.
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