Can you recommend a book on setting up a business as a self-employed trader of stocks?
certifiedgal1 asked:
I am having trouble finding a good book on how to best set up a business/taxes where my primary income is in trading stocks. Not investor - a trader.
Ramon
I am having trouble finding a good book on how to best set up a business/taxes where my primary income is in trading stocks. Not investor - a trader.
Ramon
Find a good tax accountant. If you own your home you can report a certain percentage of your house on taxes as business use. Must have an office with a computer. As for taxes, you are self employed by trading, so save every receipt from purchases related to trading, office supplies, etc. You can even put your car on taxes, mileage driven per year. You need a car to go to the store to buy supplies etc. Also on taxes you must report every single trade you make, not just the annual profit/loss.
If you would like to read books, I would just go to the bookstore and look for “home business” or “self employed”. It’s all the same concept regardless if you trade or sell stuff on ebay from home.
Usually tax consultants give you one free consultation. Look through the yellow books and find a local one. Spend 30 minutes with one, they can teach you quite a bit and you’ll need them to do taxes.
Hope this helps.
I set up an LLC for my trading and had a service help me do it but that is the expensive route to go. Here is some advice, with your 2008 tax return sign up for Trader status. Although I did not use Traders Accounting, I wish I had since I know others have and been happy. There is a wealth of free and reasonably priced products and services on the website.
They do have a FREE 46 page Tax action plan which I did get and a free traders Tax Newsletter.