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Mar 10

Robert Green on taxes for traders (70 minute video)

This 70-minute video presentation was recorded in December by Robert Green, CPA and founder of the CPA firm that I use to prepare my taxes. He address new developments in tax law over the last year as well as fundamentals of trader tax status. I have written about taxes previously and I recommend Green’s book.

 

 

 

Disclaimer:  I am not a CPA or a tax expert! Please consult your CPA or tax lawyer for tax advice. I use Green’s accounting firm to prepare my taxes.This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well..

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  1. Preston

    Damn, I’ll have to say that was very informative. I will surely need to listen again, I was on my wireless headphones and toodling around the appartment while listening.
    The 401K section really got me thinking. I need to find out what is the earnings limit you need here to start an individual 401K plan. As we talked about in your other blog, it’s not the interest it earns, it’s the substantial tax savings you earn while participating in a 401K. Over time this really adds up. Even without an employers matched contribution, this is still very beneficial.

    1. Michael Goode

      Yep. I really recommend T. Rowe Price for their individual 401(k)s. I use them and they are very low-cost. The paperwork is a hassle but is worth it.

  2. Preston

    I’m not sure how I missed your video because it’s very informative. The one thing about an LLC is, it’s more focused towards an individual that owns a company that performs services for other companies, more so like high risk services. An LLC will protect you from the risk of someone suing your company and having that bleed over to your personal wealth and/or assets.

    There may be more involved, but to me that’s the most important thing about an LLC and it shouldn’t matter much to a day trader. A day trader should never, ever be involved in anything that could or will cause anyone to come after more than what their business might have, which really should be only the assets you have on your books yearly I suppose.

    I think you’re exactly right about the type of business that you have elected to use. For a person that only has him or herself to worry about legally, it would make no sense to corporate and I can’t see any other advantages that it would entail.

  3. James

    Good stuff Michael.

    I bought his book years ago. Very helpful, couldn’t do without it. I use TradeLog to reconcile my trading activity for tax accounting purposes. The new rules for IRS trade reporting can be a nightmare for those not using TradeLog or those that have elected Mark to Market accounting.

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