031 – Interview w Jerry Allison of Traders Accounting

Jerry's background in accounting, consulting, and mentoring

The importance of understanding tax implications and expenses for traders.

They discuss how traders can optimize their tax situation by achieving "trader tax status."

Jerry highlights common expenses traders often overlook, such as data feeds, software subscriptions, and home office deductions

The importance of formalities in business and their significant impact on success, financial management, and tax savings.

He elaborates on the pitfalls of a single-member LLC for traders, emphasizing the need to move the trading business off the personal tax return

He explains the three key criteria for trader tax status

The three entity options for traders are discussed: partnerships, S corporations, and C corporations.

We discussion about how automation, such as trading algorithms and expert advisors, affects TTS.

The benefits of setting up trading as a business entity and using deductions to lower tax liability

How TTS allows traders to claim deductions related to trading expenses

Discussion on the importance of selecting the right business entity for trading

The difference between legal and accounting perspectives when setting up a business entity for trading