USA Newbie day trader needs help with tax setup.

[yadi79]

HI guys,

I need some help on how I should set up to pay taxes.. I recently started day trading.. still a newbie and no Income... but plan on making a living with this as a career..

but one problem... My CPA doesn't know how he should set me up..

Any advice ?

 

[ag_cpa]

Put money into an account. Trade. Make money (I hope). On December 31 see how much you made. Transfer 30% of that into your savings account which will pay for the taxes and set you up for some savings as well.

 

[smallbushelp]

Hi yadi, are you still trading? There's a bit more to it than ag advises. Has your CPA established an entity for you? Has he got you on mark-to-market accounting?