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Larry maybe you can answer this question. I have hot keys set up with IB as well. B = Buy and S = Sell. I am very creative. But I was wondering if there is a way to set up the B to buy on the posted bid as opposed to the ask which is the default? As for disadvantages, they usually...

I suspect that this would not work. And I am guessing this based on both audit and computer related checks that brokers have in place for all regulatory requirements. What would work is to just divide your capital between two separate firms.

It would be calculated on the amount of underpayment. So the 1000. Friday night I am going to put together a sample return just to see how well Kiplingers can handle MTM accounting. When I do, I will post the results With ES made and then Without ES made assuming you just wanted to stroke a...

JB I used to use the screening software at silicon investor www.siliconinvestor.com it is free and allows you to screen for multiple criteria of a technical nature. Just send me 1% of 1% of your trading profits and we'll call it strait.

Vinny sorry about Delaware, I thought they were on a strait sales tax. But in looking at NC, I think I need to find one of those tax free states myself. I knew I was getting killed, but now Im really depressed.

I can't think of a specific source. The ones that come to mind are Florida, Tennessee, Delaware and Nevada. If you hit the Kiplinger or Turbo Tax websites, you may be able to back into it by seeing which states they don't sell software for. Assuming of course you paid more attention in...

I looked at Microsoft Money and it does appear you would be able to import a qif file of your trades. From there you should be able to be able to export to Turbo Tax or Tax Cut. This is an extra step I would have hoped to avoid, but may be a way to make sure the trades are setting up correctly...

Vinigar, You are right on the 4797 for your trades. I am assuming when you enter in the system that you can keep adding trades that will then print on supplemental sheets. I use Kiplinger software to do my taxes. I am not sure it will handle shorts or other transactions any better than...

I guess the question is how many shares or contracts do you trade at a clip. Every broker I have ever used has downtime, it just goes with the territory. I have only ever had one day of connection problems with IB. I do see them post for various connection problems like NYSE or ARCA from time...

Finally, pick up JK Lassers Tax Guide or Ernst and Young's tax guide and read through the pertinent points. They are only 15$ or so and will keep you out of trouble. The IRS has many publications on topics that are downloadable in Adobe format. I try and stay away from some of the...

I do agree, I could not find anything that says it is illegal, but that does not mean that it is not. As for a flag, if you are working from home and claiming other deductions that presents a flag in and of itself. I don't know that late penalties in a single year would trigger anything, but...

My best friend ending up owing about 25K in taxes the year before last and the penalty he paid relative to what he earned was negligible. The only reason that it is not a good idea is the IRS is like the kid in school that no one liked but no one picked on either. I think due to the damage and...

They use each quarters estimated tax payment and your total tax bill, not your total income.

Vinny1, The penalty is calculated each quarter based on the current interest rate at that time. So if you underpay one quarter but overpay the next you could get hit with a penalty. You can use form 2210 and attach it to your return and pay the interest. Or if you prefer the IRS will be...

Ok, the IRS will let you lose as much money as you want, the question is HOW the losses are handled. The Hobby Loss rules would apply in a situation where your "business" does not show a profit in the last 3 of five years. You need to have a profit motive and continuously and substantially...

There are several interrelated issues here so I will try to address them in order to tie them together. Let's assume you elected MTM for 2001. You are correct that you would use 4797 to report your gains and losses from trading. You would also use 4797 to report any securities that you are...

Baron, this is just a thought, but on Amazon there is the option of checking was this review helpful to you. Is it feasible to build a link with a list of Member Names that found a review helpful. For instance if RTharp and Nitro found something helpful I would give it more creditability and...

Here is the second part and I hope this will clear it up. I have a kids group to go to, but when I get home I will see if I can post a more specific example. annualization. Acrary, this SHOULD take care of your problem, but then again I have gotten the same thing from my state each year...

Sorry, sometimes I tend to run thoughts together. The first is if you don't have taxes taken out on a W-2 you will ALWAYS have to pay ES in both state and federal form unless your income is under whatever the level is 1000? Now the second interrelated is issue is how to PAY ES without...

Acray, just a thought and I am in the same boat as you in that my income this year will be less than last. As long as you have 100% of your tax paid by April 15 you will be fine. So no interest free loan. So if last year you made 200K and paid 30 in taxed but this year you will only make 100...