031 – Interview w Jerry Allison of Traders Accounting

Consistent Profits Podcast

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1+ y ago 44:36

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Jerry Allison is a CPA and holds a doctorate in business administration as well as a master’s degree in mathematics. He has 30+ years in accounting and taxation helping clients start and maintain businesses in many different industries. He also has 25 years of teaching experience at the college level, he has inspired students to become more than what they thought they could be.

Watch it here on YouTube ---> https://youtu.be/Sej8bw83jM0

Show Notes

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

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About the podcast

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How to connect

Website - http://www.tradersaccounting.com
On Linkedin: http://www.linkedin.com/in/dr-jerry-allison

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#Trading #Business #Brian McAboy