Butchered By The Tax Lady!

Just as I thought I was getting a little closer to retirment, I get butchered by my tax preparer (good friend of family). Ok- I know "Uncle Sam" will get his money. I want to pay him, but not this much! I have to find a way to offset some of these taxes as we move into the future. Guess where I had to withdraw the tax money? Yes, MY BROKERAGE ACCOUNT!

I have made more in the past 3 months than i made all last year, so I know I am going to run for cover in 2014. I totally understand why Gary recommended starting a business 6 weeks after getting involved in this process.

Is there a specific approach I need to take in this process? Gary talked about it briefly on one of the CD's. I also see that there are books on the book list that are relative to starting a business. Can anyone recommend a book to read?

Thanks for any help that can be provided.

Inc. and Grow Rich is a good bood to reference. Im not a CPA by any stretch of the imagination but I have consulted many and "trading the stock market" is not a recognized business by the IRS and is a hobby. You are taxed as earned income and there really isnt a lot of deductions available other than your charting software and hardware you use it on. There isn't a lot of shelter from taxes unless someone else can shed some light on it for me.

Try contacting Gary Keesee. He is a Christian and teaches about fixing "the money thing". He owns several businesses, is a pastor and can lead you perhaps in the proper direction on deductions. He had a person on his program named Dan Pilla who was once an IRS agent...don't know if this will help.

Several years ago I became an LLC so I deduct everything. I MEAN everything I can leagally deduct. Check out Legal Zoom or talk to an accountant.

This is what I remember Gary talking about...LLC... but I was one before I heard Gary Williams.

I found this website that handles setting up LLC and accouting for traders. I have not used their services, just found the site recently and started looking into it.

[www.tradersaccounting.com]

From their home page, look at "Our Services" -> "Business Structuring" to see if your trading activity meets IRS regulations.

Darcy, BCT, Beachbum- thanks for the information. I hope I can find some relief as I move forward with this taxing issue.