Estimated Taxes for the Career Trader

" In order to qualify for a reward, a whistleblower must provide information on tax fraud or tax underpayments that exceeds $2 million in tax, penalties and interest. In addition, the income of an individual taxpayer who owes tax that has not been reported under this program must exceed $200,000 in the year the tax was due. As a practical matter, the IRS is considering at this time only tax underpayment cases of $2 million or more. "
 
Quote from tr51:

If the IRS choses to audit, is for one year or multiple years?
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The statute of limitations is usually 3 or 6 years for fraud, depending on the what the violation is. However, there is no statute of limitation where no return has been filed or where a fraudulent return was filed.
 
Quote from retaildaytrader:
I am not threatening anyone, but trying to help you guys out.
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Quote from retaildaytrader:
It would not cost me much to print this out and send it along with a letter of my observations and conclusions to the IRS investigation division in Fresno, CA.
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What a tool.

The IRS Whistleblower program is for people who don't pay their taxes, not for reporting people who don't make estimated tax payments.

Anyone trying to report someone else for this (from an anonymous web site no less) will get laughed out of the IRS office.
 
Quote from crgarcia:

Actually most traders lose, so
they don't pay taxees.
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As most traders lose, maybe they can get food stamps out of their trading records?
:p
 
Quote from LongArm:



Vhehn is correct. I never make estimated quarterly tax payments since my annual gains far exceed the interest penalty of 5-8%.

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Here's another dirty little secret: I usually file for an extension. :eek:
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So one can assume that you continuously increase size and compound your returns within your account and never set aside profits in risk free investments?
 
Quote from rallymode:

So one can assume that you continuously increase size and compound your returns within your account and never set aside profits in risk free investments?
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No, much of my profits go towards supporting a family. Another chunk goes toward taxes. When the account DOES get larger than necessary, I move some dinero into NON-risk-free investments.
 
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