The following is a partial list of tax deductions that apply to those that qualify for trader status. This list is meant as a guide and if you have questions about taking a deduction, please feel free to call us at (813)746-8208 or email us at info@TraderTaxCoach.net.
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- Data feeds (ex. DTN IQ, DTN Market Access)
- Software subscriptions (ex. Investor RT, Market Delta)
- Newsletters & newspapers (ex. Wall Street Journal, Investors Business Daily)
- Trading books & publications
- Cell Phone
- Telephone (separate business line)
- Internet service
- Seminars (including transportation & lodging costs)
- Webinars
- Wages paid to family members (data entry, etc)
- Rent (if leasing office space)
- Home office deduction (even if you rent!)
- Cable fees (CNBC, CNN, FOX Business)
- Computer & office supplies
- Computer Hardware (monitors, laptops, towers, cables, etc)
- Computer Software (virus protection, Microsoft Office, etc)
- Depreciation on all fixed assets used in trading (Section 179)
- Margin interest (unlimited on Schedule C)
- Legal Fees
- Incorporation Costs
- Tax preparation & advice (Trader Tax Coach)
