| need help 1st time trader and taxes |
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forbanger
Contributing Member
Cash: $ 6.80
Posts: 31
Joined: 27 Dec 2007
Location: up north
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| need help 1st time trader and taxes |
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Hi guys,
Being new to trading (started last year), I have a few question in regards to taxes.
What tax software do most of you use? I guess, what is the best out there.
I have a tax place that prepares my taxes and when they saw the paper work I had I swear they wanted me to take everything and leave. So just for back up I want to figure out what the best software is out there. I do have a working knowledge of taxes but by no means am I an expert.
Just in case they decide not to do my taxes I need a back up plan.
Thanks!
P.s. I didn't make any money this 1st time out. I actually lost a crap load 
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Mon Feb 09, 2009 10:18 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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quote:
P.s. I didn't make any money this 1st time out. I actually lost a crap load
The good news is that you get a bunch of it back in April - you can deduct the loses on the ones that you actually sold. (I, too, harvested some 2008 losses  )
I use Turbo Tax, it asks questions and you simply type in the answers - the calculations are all done just like a spreadsheet. On schedule D you list each stock that you bought/sold. Purchase price and date, sell price and date. The spreadsheet will show your gain or loss, and sum them. It will sort the long term gains and the short term gains and treat them accordingly. If you have more than one sheet, Turbo will take care of that seamlessly, When you complete schedule D the software will put the sum on your 1040 for you in the proper catagories.
Whether or not you get your taxes done, it would be a good idea to buy the TTx and do it yourself - not to save the $100 but for the education - you will be surprised at how much that eduaction will help your future planning for the next 30 or 40 years.
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Tue Feb 10, 2009 1:30 am |
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forbanger
Contributing Member
Cash: $ 6.80
Posts: 31
Joined: 27 Dec 2007
Location: up north
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Thanks guys! I may just end up going the turbo tax route.
I actually use gainskeeper for the schedule d form. It is a pretty sweet software but spendy.
Thanks again!
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Thu Feb 12, 2009 4:00 am |
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Scrutnizer
Member
Cash: $ 2.20
Posts: 11
Joined: 28 Dec 2009
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I thought about day trading on the stock market. If I buy and sell daily, how will I be taxed? Am I only taxed when I draw the money from the account? Am I taxed when I make a profit and how about if I reinvest? Any info is greatly appreciated.
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Tue Jan 05, 2010 9:00 am |
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