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What to Know About Taxes Before Structuring Your Trading Business
So, you’ve decided to make day trading your full-time career. If you’re truly prepared for the job, there are a lot of potential benefits to the choice you’ve made. You get to work from home, be your own boss and you have the opportunity to make a good deal of money. But there are also […]
Why Traders Should Outsource Their Bookkeeping
Being an active trader is a busy job. You have to be laser-focused on your work throughout the day to make all the transaction you need to. You need to stay informed of the latest news and trends in the market to ensure that you’re buying and selling at the right time. But you also […]
Should Traders Take the QBI Deduction?
If you’re a full-time trader working in the United States, you might have heard of the Qualified Business Income Deduction. This relatively new deduction has allowed certain business owners to save money on their taxes. You may be wondering if you qualify for the deduction. Here’s what you need to know: What is the QBI? […]
What to do When Closing Your Business
Shutting down your business can be tough emotionally. Maybe it’s something you’ve run for a longtime and you just don’t have the time for anymore. Or perhaps you had a dream that never really got off the ground. Regardless of the situation, there are a few things you’re going to want to do when closing […]
Do You Have to Pay Taxes on Bitcoin and Crypto?
Bitcoin and cryptocurrency in general have exploded in popularity over the past few years. Millions of Americans have bought, sold and used cryptocurrency for a variety of purposes. Those who are new to the crypto world might wonder whether there are any tax implications to buying, selling and using Bitcoin and other cryptocurrencies. The answer […]
A Tax Guide for Sole Proprietorship Traders
When you make part or all of your income from day trading, you have several different options for categorizing and conducting your enterprise. While business entities such as LLCs and C-Corporations are often the smartest choices as far as tax benefits go, many traders prefer to trade as a sole proprietorship. Sole traders or proprietorships […]
How To Qualify for Active Trader Tax Status
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 […]
Five Advantages of Being a Day Trader
The idea of becoming a player in the stock market can be scary and exciting at the same time. Unfortunately, people who are interested in trading or investing are often put off by the risk and uncertainty of the process before they can really experience the potential rewards. Day trading especially gets a bad rep […]