Online Trading Academy Tax Director Shows How Everyday Investors can Get a Head Start on 2014 Taxes

Trading Academy Tax Director, Michael Atias, Proposes a Way for Traders to Get a Head Start on Minimizing 2014 Taxes

Irvine, CA, March 21, 2014 - Michael Atias, Tax Director for Online Trading Academy Tax Pros, developed steps for traders and investors to optimize their tax returns for the 2014 tax season.

To help traders and investors prepare for their 2014 tax returns, Atias offers the following suggestions:

  • Maintain a personal trade log to verify the accuracy year end 1099-B forms. These 1099 forms need to be accurate to mitigate risk of either overpaying or underpaying tax liability.
  • Avoid the Wash-Sale Rule trap. Wash sales increase tax liability.
  • Consider electing a Mark to Market accounting method. Consult with a tax expert before making the election.
  • Consider trading Futures or Forex as these assets are not subject to the Wash-Sale Rule.
  • Consider forming a trading business entity such as a LLC or corporation to unlock tax benefits. Consult with a tax expert on the best option for your particular situation.
  • Sell losing positions before year end to offset gains on positions closed earlier.

“The best move I see investors and traders make is getting proactive about how they are going to file their taxes,” said Atias. “In order to save money on taxes next year, you need to start acting like a trader as soon as possible.”

When investors or traders file their taxes, they will recognize different benefits related to how they file- either as an investor or as a trader. Traders carry a number of tax advantages over investors. Investors can only write off allowable investment expenses, such as accounting/legal, newsletters and investment advice, while traders are able to write off all ordinary, necessary and reasonable expenses related to trading activity, including education, seminars, software, travel and home office equipment.

In addition to these more abundant tax deductions, traders are immune to the Wash-Sale Rule and can use Mark to Market accounting principles. Mark to Market is used in Part II of form 4797 and reflects real market value as opposed to initial cost. This can save traders thousands of dollars every year.

To learn more about how to get ahead on 2014 tax return filing from Online Trading Academy, please visit:

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