U.S. Taxes

[SamuelRice 1]

Hi I just became profitable in SIM and was wondering my next steps as far as creating a business or just trading without setting up any business. I have never filed taxes, and honestly know very little about it. I am assuming many of yall have had to set up an LLC or an S Corp. I watched the GreenTrader webinar It seems like I should go with TTS and 475 for 2021, but I don't know how to go about setting that up, thoughts?

[NikkiB 22]

Hey Samuel -  If you're not looking to pay someone like GreenTrader to hold your hand through this, I suggest watching as many of his webinars as you can.  Yes, basically the same one over and over, but that will makes it sink in so you can do it yourself - at least that's what worked for me!  I caught probably 5 of his various webinars (given through other places also, like through IB) on this subject to make sure I knew what I was doing.  Make sure you really DO qualify to file TTS.  I filed TTS for the first time for last year and sent in the documentation GreenTrader talked about with my tax return last year so I can use Section 475 MTM accounting for this tax year.  I also use TradeLog at the end of every year to consolidate everything and give me the tax forms/information that I need.  I do NOT have an LLC or S Corp set up.