How to Set Up a Trading Business for Optimal Tax Savings (MoneyShow Virtual Expo)
If you are eligible for trader tax status (TTS), consider setting up a trading business to maximize tax benefits. Join Robert A. Green, CPA of GreenTraderTax, to learn how to:
- Deduct trading business expenses.
- Elect Section 475 MTM for exemption from wash sales and the capital loss limitation.
- Be eligible for a 20% qualified business income QBI deduction on Section 475/TTS income.
- Deduct health insurance and high-deductible retirement plan contributions.
- Deduct state and local taxes (SALT) as a pass-through entity (PTE) business expense avoiding the $10,000 SALT cap.