As a funded trader at TradeDay you are not considered an employee of TradeDay, you are considered as an Independent Contractor. Earnings should be reported as regular income. Traders are only required to report the actual account withdrawals they made that year. Our payments and contractor management partner Riseworks will collect the required data when you onboard with them. At the end of the Tax year, all US citizens who made withdrawals over $600 will receive a 1099-NEC form for tax reporting purposes. Non-US citizens will not receive this form (it is only used in filing US taxes). We cannot provide any documents for reporting taxes to foreign governments. how do i maximize my tax benifets california
As an independent contractor and funded trader, there are several strategies you can use to maximize your tax benefits in California. Here are some key steps and considerations: ### 1. **Form an LLC** - **Liability Protection**: Forming an LLC can protect your personal assets from business liabilities. - **Tax Flexibility**: An LLC can be taxed as a sole proprietorship, partnership, or corporation, providing flexibility in how you manage your taxes. ### 2. **Track and Deduct Business Expenses** - **Home Office Deduction**: If you use part of your home exclusively for business, you can deduct a portion of your home expenses, such as rent, utilities, and maintenance. - **Office Supplies and Equipment**: Deduct the cost of trading software, computers, internet, and other office supplies. - **Professional Services**: Deduct fees paid to accountants, lawyers, and other professionals. - **Education and Training**: Deduct costs for courses, seminars, and other educational materials related to trading. ### 3. **Retirement Contributions** - **Solo 401(k) or SEP IRA**: Contribute to a Solo 401(k) or SEP IRA to reduce your taxable income and save for retirement. These plans have higher contribution limits compared to traditional IRAs. ### 4. **Health Insurance Deduction** - **Self-Employed Health Insurance**: If you pay for your own health insurance
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