Last-Minute Tax Tips & Extensions For Traders

08 Jul

Jul 08, 2020 at 12:00 pm EST


Recording

Many traders are filing 2019 individual income tax returns or automatic extensions, and 2020 Section 475 elections, close to July 15, 2020, the postponed tax deadline. Join CPAs Robert A. Green and Darren Neuschwander of GreenTraderTax.com as they discuss:

  • Last-minute tax tips.
  • How to benefit from filing an extension for three additional months until October 15, 2020, for filing your tax return, but not for paying taxes due.
  • Options if you cannot pay the IRS what you owe.
  • The IRS also postponed Q1 and Q2 2020 estimated tax payments until July 15, 2020.
  • Should you file a 475 election for 2020 by July 15, 2020?
  • The CARES Act positively impacts traders for 2018, 2019, and 2020. CARES suspended the excess business loss limitation and allowed five-year NOL carrybacks and or 100% NOL carryforwards.
  • CARES tax relief and economic aid that applies to traders.
  • Current developments on pending further Covid-19 tax legislation.

Webinar hosted and recording produced by Interactive Brokers. Everyone is welcome; you don’t have to be a client of IB.

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I’ve just finished reading your Tax Guide for Traders; I wish I’d read it a few months sooner as it would have saved me considerable losses and put me in a better position tax-wise. Overall I found the book most helpful and will refer to it in helping with my trader taxes.
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