Aired On
Feb 22 2021
12:00 pm - EDT

Tips For Traders On Preparing 2020 Tax Returns

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Join CPAs Robert A. Green and partners from Green, Neuschwander & Manning, LLC.

There are new and revised 2020 tax forms and tax preparation strategies based on implementing the 2017 Tax Cuts and Jobs Act and the 2020 CARES Act.

Learn how traders, eligible for trader tax status (TTS), maximize business, home office, and startup expenses using critical tax-reporting strategies.

Don’t solely rely on broker 1099-Bs: There might be opportunities to switch to lower 60/40 capital gains rates in Section 1256, use Section 475 ordinary loss treatment if elected on time, and report wash sale losses differently.

Make vital 2021 tax elections on time. Learn common errors on 2020 tax returns for TTS traders, which can lead to an IRS or state exam.

Learn tips for filing extensions and paying taxes due April 15, 2021.

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