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Video instructions and help with filling out and completing Can Form 4797 Broker

Instructions and Help about Can Form 4797 Broker

This is a green trader tax educational webinar. These tax errors will cost professional traders dearly. It's August 13, 2016. I'm the presenter, Robert A. Green. I'm a CPA and managing member of GM Trader Tax and CEO of Green Trader Tax. This information is educational; it's not intended to be a substitute for specific individualized tax, legal, or investment planning advice. When specific advice is necessary or appropriate, you may wish to consult with a qualified tax advisor CPA, attorney, financial planner, or investment manager. Errors are prevalent on tax returns for traders. Most active traders make serious errors on income tax returns, whether they self-prepare or engage a local accountant, even a CPA. Many miss out on trader tax benefits and overpay on their taxes. The cost ranges from $5,000 to hundreds of thousands of dollars. If you're relying on the tax loss insurance of Section 475 MTM, where you can write off your losses as ordinary business losses rather than a $3,000 cap or loss limitation and get an immediate big refund check. Now, in this presentation, when I say "preparer," I refer to self-preparers, people who buy my guide, use our website content, run TurboTax on their own, and prepare their own tax returns. They are a preparer. I also refer to accountants, including CPAs, whose business is preparation only. They don't know traders professionally enough. Here's the first error: mistakenly believing you can rely on securities Form 1099. Around February-March, the securities broker mails you a big fat statement with all your trades. If it's securities, it's a simple one-page 1099-B. For futures, that's easy. My problem is with securities because IRS wash sale rules for brokers may be simple, but most people do not realize that IRS rules for taxpayers are different and more...