For most people, taxes can be a headache. This is especially true for investors who are not quite certain what they qualify for, how they need to report, or what tax benefits they can take advantage of. If you’re not careful, the IRS can classify you as an investor, which can have harsh consequences on your cash flow and punitive damages if you report incorrectly. On top of all of that, tax laws are constantly changing and evolving.
If you trade, it is essential to know how to navigate the IRS and keep as much money in your pocket as possible. Benzinga met with Jerry Allison, a CPA for Trader’s Accounting, to share his tips about how to do your taxes as an investor. Here’s what he had to say.
