When you make part or all of your income from day trading, you have several different options for categorizing and conducting your enterprise. While business entities such as LLCs and C-Corporations are often the smartest choices as far as tax benefits go, many traders prefer to trade as a sole proprietorship. Sole traders or proprietorships… Read more »
The idea of becoming a player in the stock market can be scary and exciting at the same time. Unfortunately, people who are interested in trading or investing are often put off by the risk and uncertainty of the process before they can really experience the potential rewards. Day trading especially gets a bad rep… Read more »
When you decide you want to get involved with the stock market, there’s more than one way for you to go about it. Two of the most popular approaches, which pretty much fall at opposite ends of the spectrum of options, are trading and long-term investing. Determining which approach is right for you is going… Read more »
Misconception and assumption plague every industry and job title. Until you do the work yourself or hear from someone who does, you might not even realize that what you think you know about a profession is misguided. No exception to the rule, there are plenty of unfounded beliefs about day trading perpetuated by those who… Read more »
It takes a certain type of person to succeed as a day trader. Anybody can do the market research and learn about trading strategies, but trading is about more than just following numbers and memorizing techniques by the book. A day trader should be disciplined, but flexible; patient, but confident; and most importantly, be able… Read more »
The potential for a large amount of profits in a short time period makes day trading an appealing profession (and sometimes even hobby) for many individuals. While the concept may sound simple, in reality it takes careful research, thoughtful strategy, and often a few months of experience to truly succeed as a day trader. It’s… Read more »
As an active day trader, there can be many advantages to incorporating your trading enterprise. A lot of those perks pop up around tax season in the form of deductions. Forming your business and planning your tax strategy with a professional is the best way to fully leverage these deductions. If you’re just getting started… Read more »
Serious day traders typically make the choice to form a business entity in order to separate their trading from their personal name, so that they may gain access to the tax benefits entities receive when it comes time to file. As a day trader, it’s important to put substantial thought and effort into the details… Read more »
In the age of DIY and free tax software, it can be difficult to see the value in hiring a tax service to help you when it comes time to file. Many of us are of the mindset that there’s no good reason to pay someone else for something we can do ourselves. While this… Read more »
Navigating all of the legal and logistical requirements of forming and running your own business can be overwhelming. You need to be sure your operation is compliant on a local, state, and federal level in order to set yourself up for long-term success (that’s why we always recommend consulting a professional to help with the… Read more »