Customer Reviews

The Trader's Tax Survival Guide (A Marketplace Book)

5 star:		(1)
4 star:		(0)
3 star:		(1)
2 star:		(3)
1 star:		(2)

 

 

A high priced disappointment. That sums it up for me. If the title had been The Investor's Tax Survival Guide, it would have been worth a rating of three to four. However, as a trader, I found myself wading through page after page of irrelevant information. I found much better information free on the internet specifically aimed at traders.

This book gives a unique point of view so, it does not duplicate what you can get in other tax books. It advocates you try to qualify for 'Trader Status', and there are several Supreme Court tax cases concerning this difficult to qualify status. This status means that your TRADE as a serious business, hold postions for generally less than a month. All your expenses become fully deductable on Schedule C, HOWEVER you lose Capital Gain treatment AND must pay Social Security and Medicare taxes on your Self Employment income but you can set up a pension plan and/or SEP IRA. I think there is too great a danger of a nasty IRS audit, and not enough taxes saved. A difficult route for a Futures Trader, nearly impossible for a Stock trader except for some SOES traders.

Unfortunately, the title of this book has little to do with its content. If you're looking for nitty gritty details on tax strategies for active stock traders, you'll be disappointed to find only one chapter that comes close.

Tesser provides useful tax advice for the general taxpayer, which makes me wonder why he did not call the book something like, "Beating the IRS After Tax Reform." Odds are the publisher wanted to take advantage of the boom in daytrading and online brokerages.

One would be better served by spending the money on a visit to a tax investment professional. The book may help with general tax guidelines. It is not a how to guide nor did the author intend to be. It is written in an entertaining fashion and that is why I'm giving it the second star.

This book should be titled, " The Investor's Tax Primer: A Basic Reader." There are no fewer than 47 exhibits consisting of blank IRS forms occasionally referenced in the text. This reader was left with the impression that the author did not have much to say regarding a "trader's" perspective on taxation. The author did, however, add a liberal sprinkling of his political views and heavy endorsement of the tax planning profession. If you are new to finances or have never actually seen a tax form, then this book is for you. If you are an experienced trader with a basic knowledge of taxation, you will find a few useful tables and an interesting chapter or two. No one should expect tax advice specific to his or her own financial situation in a book of this nature. In sum, this book has a few useful tidbits, but is not accurately titled or described.

It's hard to write a book for everyone, but Ted Tesser's book comes close. Basic tax and investment strategies are explained as well as concepts and tax tips that even a tax professional might miss.

I found the book enjoyable to read, totally unlike many of its genre. It is written in a very amusing fashion and the liberal use of anecdotes makes it even more entertaining. It is hard to believe that a book this informative could be so much fun to read.

The chapter on " This Business Of Trading" alone is worth the price of admission. Being a "trader" has numerous advantages over being an "investor" and this chapter shows you how to create a Trading Business. It clearly spelled out the differences between a "market maker", "investor", and "trader" and showed how one can graduate to a trader status (with the its many tax credits) from an investor. It is possible that making this switch could save thousands of dollars.

The amount of money you keep is more important than the amount of money you earn and Tesser makes this abundantly clear. The sections on retirement and estate planning are extremely useful.

Tesser is aggressive in his approach with the IRS and you may not feel comfortable with all of the deductions that you are entitled to. Checklists and worksheets make it easier for you to choose your comfort level.

I strongly recommend this book for both the beginner and advanced investor (trader) alike.

I bought this book almost two months ago and never recieved it. What a rip!