Must Know Year End Tax Planning Items For Day Traders & Investors!

[@BrianRiveraCPA]

🚀 Learn How To Slash $30K Off Your Taxes Without Being A “Tax Expert” Or Spending Money On An Expensive CPA! Free Strategy Session: www.thetaxonomics.com/strategy ⚡ Trader Fyles: Generate your trader specific tax forms! (Coming Feb 2022) www.thetaxonomics.com/trader-fyles-inc 🏦 BEST BROKER FOR ACTIVE DAY TRADING 🚀🌚💸 www.interactivebrokers.com/mkt/?src=brianriveray&url=%2Fen%2Findex.php%3Ff%3D1338 ⭐Schedule a Trader Tax CPA Consultation! (Available May - Dec Only) calendly.com/tradertaxcpa/

[@newyorkcitynightlife]

How can I contact you?

[@amospan14]

Thank you Brian! Looking forward to seeing your Trader Fyles product when it drops! 👏

[@Wannaspeed]

Same

[@owenjennings8575]

Good Stuff! Excellent information.

[@top_mf_n_here1806]

I've been worrying about waiting 30 days when taking a loss for no reason. As long as I sell 30 days before year end and don't buy back I'm good. Makes day trading much easier. Good to know.

[@mariodiaz417777]

great stuff.! thanks for keeping us updated. can you do a video just for LLCs with s-corp status?

[@KL2NY]

Mario. Do you trade under an LLC. I was trying to create my LLC but hit a road block. Incfile is saying the I may need 5 licenses to trade through my LLC. Could you verify if that is true and if it is which licenses will I need. Thank you for any info.

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@user-nn3eg6di3b]

@@KL2NY Let's talk now 👆👆

[@cindyburke1904]

Looking forward to your Trader Fyles, anything out there now that we can use? As a first year day trader, I am wondering where I will end up at the end of year and if I need to make any adjustments. Will probably operate as an LLC at the beginning of the year to separate my trading.

[@simonlchung]

Great video. Hoping to clarify if wash sale applies to option premium. Eg if I made $100k selling TSLA Call Option in January 2021, but at the end of the year, I had to roll TSLA calls at a 90k lost because of the recent run but still holding calls and the calls will expire Jan 2022. So I’m still net 10k profit for the year 2021. Will the lost be denied so I have to pay tax on the 100k for 2021?

[@richg3411]

Outstanding.

[@danielmoodi5483]

Thank you Brian 👍

[@darthsiddious7469]

5:49 Brian, great content as always! Could you please clarify your comment about wash sale deferrals? I feel like you might have misspoken. If you incur a $10K loss on Dec 25 and trade it again Jan 2, why would your income go up by 10K in the new tax year? If anything, you lose the opportunity to realize the loss in the current tax year and could realize the $10K loss in the new tax year assuming you don't keep washing the most recent trade by trading more TSLA and have at least $10K in gains to offset for the new tax year across your entire short term gains portfolio.

[@BrianRiveraCPA]

If you have no other gains to report then correct you lose the opportunity to recognize the loss. If you have gains from other positions then theoretically your income will be $10k higher.

[@darthsiddious7469]

@@BrianRiveraCPA Ah, thanks for that clarification. Have a great new year!

[@nanayaw1668]

Hi Brian…I need help getting my business paperwork set up for the end of year.

[@user-nn3eg6di3b]

For help & consultation ⬆️⬆️🔝🔝

[@britney7034]

Hi Brian! Very informative! An instant new subscriber! Thank you so much for your efforts to put out this great content for us! A question: I’d like to apply for mark-to market election, based on Behave test - I qualify, however I have my primary job - income that’s higher than what I make in trading, would I still then be able to qualify or is it only for those who’s trading is a primary income (higher than any other income)? Thank you so much

[@user-nn3eg6di3b]

Let's talk now 👆👆👆👆

[@TradeTheMarkets1]

How do you calculate estimated taxes for a trader and also having a part time job do you have any calculator

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@generativehealthandwealth]

what are you prices for Tax services?

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@Vincent-oc8re]

Great info, need help on M2M part, does it also applied to long term hold position longer than 1 year?

[@BrianRiveraCPA]

Easiest way is to segregate your investment positions from your trading positions through separate brokerage or entity.

[@BrianLeeTrades]

GOAT

[@charlene5940]

How long do you have to be "day trading" before you can qualify as a day trader with the IRS?

[@user-nn3eg6di3b]

Let's talk now 👆👆👆👆

[@harrymont3087]

Great Video! Question: I'm a Real Estate Agent and I'm already able to pretty much write off the same things as I would being a Stock DayTrader. Like the equipment I use. Should I even worry about contacting my Stock Brokerage to let them know I'm a daytrader now and file the Sec 475 & Apply for the Form 3115. Or am I ok just writing off my usual deductions as an agent. Since I'm eligible for way more deductions already. Or should I still let them know? Thanks,

[@user-nn3eg6di3b]

Let's talk now 👆👆👆👆

[@TraderMindset28]

what is the date that wash sales get reset for the next tax year? Basically when can i start day trading SPY again if the last day i traded it was December 20th?

[@BrianRiveraCPA]

30 days

[@Wannaspeed]

Do wash sales happen intraday? Like if I have a loss of $500 on XYZ and the same day have a win on XYZ for $1000. Will that first loss be considered a wash sale?

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@shalomcheruff1929]

Hey buddy I’m down $50k for the year but am completely full with wash sales…. So over all I’m way down. Am I still going to get hit with a huge tax bill?

[@user-nn3eg6di3b]

For help & consultation ⬆️⬆️🔝🔝

[@SH-jv5uf]

Are commissions and fees deducted from profits for tax purposes?

[@BrianRiveraCPA]

Included in the cost basis of your trade

[@ECX0x100h]

Re: trader status, would your income from trading also have to be your primary source of income in order to qualify?

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@JO3haNsum]

Is there a wash sale with crypto?

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@tradedaily1412]

This is my first year operating as an LLC and I have not met the 720 trades threshhold. Is there a way that I can still qualify and benefit from filing as a S-Corp?

[@willh9651]

Brian, Are you accepting new clients to do/ help with their taxes ?

[@BrianRiveraCPA]

We are - currently wait list . Check link in my bio

[@kpnitrl38]

Dude... Maybe I'm missing it somehow but where is the link to your company??? I need to hire someone (you), if possible for my daytrading needs.

[@user-nn3eg6di3b]

Let's talk now 👆👆

[@MD-xg4xu]

Not sure if I’m hearing this correctly but are you saying trading income is not earned income unless you have an s Corp election?

[@BrianRiveraCPA]

Trading income is short term capital gains subject to ordinary income tax rates.

[@MD-xg4xu]

@@BrianRiveraCPA thank you! so if someone moves their trading account to an entity and does an S Corp election, he/she cannot contribute to a SEP-IRA as it is capital gains and not earned income?

[@BrianRiveraCPA]

@@MD-xg4xu can* … you need earned income for retirement plan contributions

[@MD-xg4xu]

@@BrianRiveraCPA thank you! Appreciate the clarification!

[@jeffisc9907]

So I have a question about about the wash sales. I'm a daytrader. I have an etrade account. I have 600k in deferred losses it say on my etrade gains/losses page. Those are wash sales. I am down about 20k on the year. I frequently buy and sell the same stock multiple times in a day. I heard about the robinhood trader who got the 800k tax bill. So my question is if I bought and sold the same stock earlier in the year and no longer own it 10 times in a week and all the trades were losing trades and I have 50k in deferred losses which are wash sales will I be able to deduct the losses? Or are they disallowed and cannot be claimed as a loss. I no longer own the stock.

[@BrianRiveraCPA]

If you sit out or the stock 30 days you’ll recognize the loss this year.

[@jeffisc9907]

@@BrianRiveraCPA Thanks a lot Brian. Appreciate it.

[@top_mf_n_here1806]

I've been worrying about waiting 30 days when taking a loss for no reason. As long as I sell 30 days before year end and don't buy back I'm good. Makes day trading much easier. Good to know.

[@newyorkcitynightlife]

How can I contact you?

[@sdmit2000]

do you help with crypto?

[@NidalKerdiya]

Brian Rivera, Why it is so difficult to contact you as a New Client? Why your Staff want to charge me $400 to hire you? On your you tube channel, you seam so nice and accessible but through your website you make it sound that you do not want any customers and you do not want to talk to anyone?

[@keno6391]

ROBINHOOD TRADERS GOING BUNKERS .... WTF IS WASH OUT SALE?!?!?!? HAHAHAHA

[@ladylyonteeth3952]

Too complicated. 😵‍💫😵😵‍💫

[@user-nn3eg6di3b]

For help & consultation ⬆️⬆️🔝🔝

[@apointonacurve]

Can you show a Year Long Example of Wash Sale? The Examples you give are always Tesla from December to January. That's not being clear to understand the implications for a Trader. Do the Example with at least 6 Trades throughout the year. This is the first video I hear you say Wash Sales are cumulative, but you always say it only matters in December and January....