Tax Season after Tax Season it amazes me just how many tax deductions traders miss!
We’ve compiled a list of the most common tax deductions available for a trader who qualify for trader status. Please note that the IRS has an entirely set of different rules for traders classified as “investors”.
This list is meant as a guide and if you have questions about taking a deduction, please feel free to schedule a consultation.
- Chat or trading room subscriptions
- Data feeds
- Software subscriptions
- Newsletters & newspapers
- Trading books & publications
- Cell Phone
- Internet service
- Seminars (including transportation & lodging costs)
- Webinars
- Wages paid to family members
- Rent (if leasing office space)
- Home office deduction
- Cable fees
- Computer & Office Supplies
- Computer Trading Stations
- Computer Software
- Depreciation Expense on all Section 179 Assets.
- Margin interest / Locate Fees
- Legal Fees / Incorporation Costs
- Tax preparation & consultations