The Best Trading Tax Advice I Can Offer... (What Rich People Do)

One of the smartest decisions you can make is to always keep taxes near the forefront of your mind. If there is one common theme among those people who are rich and wealth, it is they understand taxes and how to best approach the topic. For us as traders (whether that be day traders or swing traders), taxes play a huge role in how we should be operating within our trading strategies and goals. However, setting trading and the stock market aside, understanding the tax system and how to get the most out of it in general wealth building is extremely important if you want to succeed. The good news is, when it comes to building wealth in combination with taxes, there is a core principle that holds true which is very straight forward. If you need some advice when it comes to taxes, I would say do this....
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[@AniekanEssien-h6p]

Thanks alot for the advice 🙏🏾💯

[@claytrader]

No problem!!

[@2themaster]

They doubled the standard deduction so most people dont qualify for an itemized deduction anymore. If you fall into the standard deduction category it is best to just use the cheapest option.

[@claytrader]

Go with a CPA lol

[@twobladedblues9026]

You should never tell people not to do something that might make them a more intelligent person. Doing your own taxes is not quantum physics. Like anything else, it can be learnt and can force your mind to expand. It takes time but you do your homework until you understand what each column on whatever tax form you're filling out means and how that column (based off the in formation you're plugging in) can help you get the best returns. How does learning to do your taxes expand your mind? Well...doing your own taxes will certainly lead you to tax law and understanding tax law will teach you new things that will most certainly help save you more money, not to mention possible loopholes. For the smart asses out there...no! You don't need to have the complete encyclopedia of tax law in you head to get started, you just keep reading over the years, learning new things as you go along. In the end you will acquired yourself a new skill and will now be able to do other people's taxes, creating a new line of revenue for yourself. You should always be learning.

[@claytrader]

Thanks for the thoughts.

[@yj10guy]

I think his point is that it would be more advantageous from a financial standpoint to hire a pro. If you want to want to own a blue chair, would you pay less for it by buying all of the tools and materials to build it yourself or would you just go to the furniture store? Sure you could learn carpentry and accrue knowledge/tools by building it yourself, but that's not the point Clay is making.

[@buddyrevell511]

@@yj10guy ok but what about a red chair?

[@yj10guy]

@@buddyrevell511 have fun doing your own taxes.

[@marvinmateo2416]

i never heard about this until now, thanks for the advice!🙏

[@claytrader]

thanks for watching

[@brucetoh1321]

i live in one of the very few countries that does not require taxes in most instances. property tax on commercial buildings and corporations only. earned income and capital gains without setting up a corporation is tax free. a bubble really.

[@claytrader]

Interesting!

[@gregoryjules2005]

Thanks for the video! Had $5000 in losses this year. I wonder if I should go the CPA route to see if I can get any of it back

[@claytrader]

lol... did you watch my video? No need to "wonder" what my opinion is....

[@kevinfernandez2202]

third year filing as HOH and this years returns being done for the first time for free on turbo taxx ended up more than previous years when done with a CPA

[@claytrader]

You 100% need a new CPA then lol

[@dionysmedrano]

Went to a CPA on Saturday, still have to give money back. Same result as a cheaper tax "specialist", same as TurboTax. I'll try again next year, if result is the same I'll go back with cheaper option.

[@claytrader]

Find a better CPA!

[@raulfernandezjr5295]

I have been looking online but haven't found a concreate answer when comes to trading and taxes but hoping you can shed share your direct experience since you have been trading for years. As an example, let’s say a day trader makes 20k in total profits for a given year. How much of those profits does the trader actually net? Thank you in advance for your input.

[@claytrader]

I don't know, per the video, go find yourself a quality CPA ;-)

[@ransua17]

I tried turbotax last year and was going to have to pay, but before I submitted it I went to a cpa and actually got a refund.

[@claytrader]

Boom! Well done.

[@FredFlintstone21]

Great advice about going to a quality cpa, if you can find one. And messing around with turbo tax wastes quite a few hours of messing around entering all the info, re-checking everything, fighting with the wife. Geez. I need to somehow find a good CPA!

[@claytrader]

Thanks for watching!

[@calvinhelms2284]

Totally agree They get paid to save you money . If you’re on the fence about a CPA give it just one year. You will probably save money on years past

[@claytrader]

Good point!

[@angel447cruzify]

I do not agree to CPA does not have magic wand I have no problem with TurboTax. I used to have my personal accountant but he retired ever since I've been using TurboTax and I'm getting more or less the same amount as always. I'm getting what the law requires for me to receive back

[@claytrader]

No harm in agreeing to disagree. Thanks for sharing your thoughts.

[@jensondennard694]

Can you trade v75 in the United States?

[@claytrader]

I don't know what that is.

[@buddyrevell511]

No, only v77