File TAX Return. Landmark: America

[MichelleJ 1]

Does anybody in America know how can we write off DAS and IB service in our tax return ?

[RTrader 20]

Just start a business and use self employed tax return forms. Expense it off. You don't need that trader tax nonsense to do this kind of thing.

[MichelleJ 1]

Form -1099 ?

[kroniclesking 5]

I'm interested in the same thing.  What are the steps to "starting your own business" in the eyes of the IRS?  Is it basically self reporting when it comes to taxes, or is there some sort of process for this?  

 

Thanks

[mhileman 21]

Here is the self employed form for a 1040:

https://www.irs.gov/forms-pubs/about-schedule-se-form-1040

 

Here is a link to the IRS site for starting a business:

https://www.irs.gov/businesses/small-businesses-self-employed/starting-a-business

 

[Hansabraun 7]

I'm not an expert in any way but I remember Norm talking about it in chat and he said that the IRS requires a person to file for tax trader status if you want to write off expenses against trading profits.  In other words you've got to jump thru certain hoops to qualify to treat your trading as a business.  From what I've learned, you can't just start filling out the schedule C form and treating your short term trading as a business.  For one thing, the IRS requires a person to trade a lot to qualify, something like hundreds of trades a year.  In addition, if you don't file for the proper status then you can only write off up to $3000.00 in losses against your real income.  There is also a form to file in order to avoid the wash rule.  It's very important unless you don't trade for the last month of the year.  There is a webinar in the education center by Greentax trader that I think answers a lot and his website does too.  It is who Norm unofficially recommended that day in chat (but I'm in no way speaking for Norm)hope this helps

[Hansabraun 7]

I'm not an expert in any way but I remember Norm talking about it in chat and he said that the IRS requires a person to file for tax trader status if you want to write off expenses against trading profits.  In other words you've got to jump thru certain hoops to qualify to treat your trading as a business.  From what I've learned, you can't just start filling out the schedule C form and treating your short term trading as a business.  For one thing, the IRS requires a person to trade a lot to qualify, something like hundreds of trades a year.  In addition, if you don't file for the proper status then you can only write off up to $3000.00 in losses against your real income.  There is also a form to file in order to avoid the wash rule.  It's very important unless you don't trade for the last month of the year.  There is a webinar in the education center by Greentax trader that I think answers a lot and his website does too.  It is who Norm unofficially recommended that day in chat (but I'm in no way speaking for Norm)hope this helps.  I don't want to be rude but just filing trading expenses as a business without tax trader status is not legal and will atleast eventually trigger an audit of some kind.  I just looked it up and the current requirement for TTS is over 720 trades a year.