Top 5 Tax Deductions For Day Traders!
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- Опубліковано 11 лис 2020
- The Top 5 Tax Deductions For Day Traders!
When you level up in your trading career you start incurring pretty significant costs! In this video I discuss the Top 5 Tax Deductions Active Day Traders take!
🤑 Click Here To View An Additional 20+ Tax Deductions Day Traders Take!🧠
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For Related Videos on Day Trader Taxes:
✅ How To Qualify For Day Trader Status
• How to Qualify for Day...
✅Why Active Day Traders Should Elect Mark-To-Market
• Wash Sales Suck! Why A...
✅ Day Trader Taxes | Strategies and Debunking The Top 3 Tax Myths!
• Day Trader Taxes | Str...
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DISCLAIMER: I am not a financial adviser but fortunately I am a CPA :). These videos are for educational and entertainment purposes only and should not be taken as "individualized" tax advice. Should you need tax solutions I highly recommend consulting with a professional or our CPA Firm. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: I only recommend products and services I truly believe in and/or use myself. Some of the links on this web page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Commissions earned will be used towards growing the content this channel.
What trading services are you guys using!?!
TD, Fidelity & WeBull
SeekingAlpha, Forbes
sp500 day trade
Sierra chart, book map, trade ideas, tos, and TradeZero
TD
for one I love your videos! Two that was literally the smoothest intro into a sponsor that I have ever seen in my life. Well done.
The production quality going up every vid, nice!
You sir just earned your self a new follower💪🏾. Well done!
I'm am SO glad I found your channel. You, sir, are a true professional. I will certainly be contacting your firm to help me set up my Corp. (I relocated back to So. Fl. and the fact that you are based in the state sealed the deal. I look forward to working with you soon!
Pure gold fam thank you for the info
Great vid. I subbed. Definitely would be cool to make more videos like this. Cheers.
Really helpful thank you!
Really digging your channel. 👍🏾
Very helpful thanks!
Hello Mr. Brian Thanks for the Information!!
Question pls, do i need to make a certain amount to file tax or are all the money that come from forex taxed? Thank you!
Hi Brian, I'm filling w-2 this year and wondering if I can use once of my expensive yearly subscription as a deduction?
Thank you for opening my gate of knowledge unto day trading and tax deductions.
Thanks for this information...always looking to reduce the tax burden...
Thanks for the explanation! Question, if im traveling to another city for a training, can i deduct travel expenses- light tickets, hotel, food? Thanks in advance
Great video, very informative. But can I ask why your shutter speed is so slow? Might be a creative choice, but for me it felt a bit distracting. Otherwise, awesome content! Keep it up!
Great information!! I have just one question. Does it matter if I pay my rent on a personal account or buisness? If I plan on using my office space square footage as a buisness expenses. Thank you! 🙏🏾
Great videos Brian, I am in Canada, do you recommend or know an experienced CPA in day trading taxes in Canada?
Ok. What about the courses, softwares, trade set ups, ect. Which were bought before the LLC/S-Corp? There's no way to get any benefits from those?
Pro tip: You don't need to necessarily spend on money in things that are tax deductible, but you have no use for them. Yes, you can write them off, but you still have to pay for it, even though they are at a discounted price.
100% correct
Do a video on your set up for sure!!
Awesome video!! Do you work with Day Traders from Canada as well? Keep up the great work 👍
I see you are in Orlando. I'm in Melbourne would like to come by office and get financial advice , concerning day trading taxes.
I'm so happy I found you
What form do I need to submit for active trader status? I have enough volume.
How much do CPA charge to file taxes? I always did myself but this year wash sale losses messed me up.
Awesome, awesome information Brian, I just found your channel on this Valentines Day 2021! I liked, subscribed and I'm a HUGE fan!
Hi Brian I like your info, and I hope to talk with you some day soon. I have not being doing so well yet but I still need to do the best with my tax's part of my trading .
Darren in Forth Worth TX.
If one is employed somewhere else and also can trade full time, would s/he be eligible for the active trader status?
Hey Brian I just watched your video on S-Corp for day traders and I was under the impression that the government doesn’t recognize trading as a business. Am I wrong?
Can you deduct commission fees on your LLC for placing a trade through a particular brokerage even when you don’t qualify as day trader?
Hi Brian - thank you for sharing this, it was very helpful! Would you still pass the test if you receive a w2? Having a full time job and trading on the side?
Good question, all I hear is crickets!
Hi, I have capital gains under my llc for the calendar year 2022., but I forgot to file for the S Corp election on time. My llc was registered in 2016. In 2022, I started trading under my llc. How do I report my capital gain and losses on my taxes? Thanks
do you have a video on full time Futures trading taxes? Thank you!
Wow Thanks God Bless how are just supposed to know all this. Be Very Well Always
Ok regards to home office deduction, I pay rent of $3000 for my condo. If I declare 10% as home office, I can deduct upto 12 x $300 = $3600? Is this correct? If so I really need to mark to market selection
Hey brian like the info and keep them coming..question in order to deal with tax cpa do i have to have a certain number of experienced tradibg level to start dealing with cpa tax person...
Thanks! Nope all experience levels welcome just prefer the trader status qualification
If I buy small part of an office building, will the mortgage payment be tax deductible?
From either the trader side or the investor side would one be able to say make 100 dollars a day trading, Then use the same 100 later that week to funding a business or personal need?
Great video! One question, do you need to have an LLC or have trader tax status in order to deduct your PC setup?
Nope you can deduct it as a sole-prop
does the income from a day trading business qualify for the QBI deduction?
Can you deduct these from your day job/w2 or only from trading profits?
Hey Brian, I have been going down this rabbit hole of taxes and being a trader. I have not filed an LLC yet, was looking into Inc File. My question is, will I be able to write off my losses from this year if I create my LLC before the year end or can I not write off expenses until after the date the LLC was formed?
I have the same question!
You can do the home office deduction every year you have a profit?
Please Is there an online firm that can deal with the accounting & tax side of the business? accountants that can work for an LLC that does trading as a business are few I think!
I use stock Alerter and Stock Signal
Hey Brian, love all of the information! Are you going to be doing a video on Taxes for Proprietary Traders that fall under 1099 as Independent Contractors? Seems like that’s the go to for a lot of Remote Prop Firms now! Would love to hear your take on it!
Great idea! I’ll put that on the list !
Did you ever make this video?
Is it the same for swing traders?
I'm struggling a bit to understand the benefits of mark to market versus simply selling a losing position and buying it back in another account?
Is office table, computer mouse, chair and etc tax deductible as well? What about the fee I plan to pay you to help me with everything? ;)
what do you think about canada can I open LLC company?
What if you live in a foreign country while trading ?
I have a regular job, but I trade about 5-10 trades a day. My accountant told me I need to trade more than my job? I feel like I trade more but I make more working
Hi. I created LLC in mid 2023 and I couldn't not be able to establish my business. In 2024, I plan to use this LLC for Day trading. If get approved, can i deduct LLC setup fee?
Is my internet bill a tax write off im a full time day trader.
Do you need to be trader tax status in order to do the tax deduction? If you setup as LLC/scorp, will you qualify for the tax deduction (computer, home office, etc)?
Yup!
hi Brian, how can i get access to your services?
Can someone starting out in Forex trading deduct failed prop firm challenge fee's?
Do you have to open a LLC to take advantage of these tax deductions??
hey.. do you have an email id .. do you provide CPA services ? or personal consultation?
How can I contact you to set up a consult
I do like Tiblio for a service
is this in america i'm from the UK
Do you realize how huge this is for almost everyone who trades (with a business)?
Watching all your vids cause my CPA sucks.
🙏🔥🔥🎯
I am using, tradingview, Trading technologies and amp as my broker. Can you deduct your charged comissions?
Broker commission fees are NOT tax deductible. Tradingview is a tool that CAN be deducted.
@@nOne-ol4bz thankyou much!!!
Do I need to have an LLC to get these deductions?
I have the same question
Was this question ever answered?
Do you do your taxes yourself or use a tax service?
How big is that middle monitor.?? 42 inch, I broke my neck this week using one of those .... Maybe i can right off my medical lol
Lol! Yeah thing is a monster Dell 43” 4k
Are all of these deductible with just an LLC, or does your entity setup have to be more complex than just an LLC?
You can deduct without an LLC. But to do this you must qualify for tts
Does the LLC need to have s-corp tax status to use these deductions?
Nope! You only need trader status for deductions.
Can I deduct car expenses for my trading business?
Nop,you don't use a card to day trade,unless you're living in your car.
Are you taking new clients?
No mention of locates Or commissions Brian?
Commissions are included in cost basis and are not separately stated. Locates are fully tax deductible and not all traders short HTB securities so I didn’t include in this particular video... plus I have a separate video on this topic ;)
Hi Brian, How do I reach you for a consultation?
Right now calendar is booked for the next 45 days.. so slots will open middle Feb.
Iron sharpens iron
just a quick tip (maybe). looks like you are filming in like 60fps or a high rate. Your hand motion seems very jittery to me. 24fps is a good way to go. But maybe im just off!!
Yeah man I fixed it in future videos! Newbie here! Good eye!
you should stop complaining and learn...bruh is doing a GREAT job!!
@@BrianRiveraCPA yeah just trying to help ✊🏽 good content by the way
@@brucevaughn3429 i just saw this. I view peoples platforms as communities. Im obviously here to learn about tax breaks. However, the part i saw I could contribute was to help him make his videos a lil better. I didn't think i was rude by saying this but giving him a tip or suggestion to think about. Your contribution- giving a pat on the back, saying great job?
Can I write off a monthly membership to a stock discord?
Absolitely
Can prop firm fees be written off?
Yes they can!
Hello Bryan, I email you and DM, I would like to have a consultation with you this week, thanks
Please get rid of the background music.
I loses on my day trading from 2021 to 2021 which cost $30,000
Are the transaction fees deductible?
Yes - commissions are included
In cost basis… other fees are separately stated
What about a car?!
Heard of unusual whales I’d check em out.
Good for unusual options activity
Everything you mentioned is at the most 20k a year, if your making 1mill a year and pay 400k in taxes that’s not very helpful?
Absolutely Agree. normally when your making 1mill ++ you'll employ more aggressive tax strategies
Dear Brian, Please turn OFF the background music. Just like news brief and seminars, we prefer no background noises. Thanks.
This was early in my UA-cam career. Hopefully I’ve improved since 🙏
Tax deduction: Move your a.. to tax haven and give up your US citizenship. For us non-Americans: Do the same except giving up the citizenship.
A brother. How can I get on a call with you to discuss. I'm a full time day trader now that just left working Charles Schwab after 5 years. Would love a conversation with you to discuss setting up my LLC. 15 years of experience and finally going full time after leaving financial advisor industry. Worked with prop firms etc.. I'm advanced, but now need help with Trader LLC info. Do you have a number I can reach you at or way to get in contact iwth you.