Today was an exciting day: We hosted a webinar for tax guru Robert Green from www.greentradertax.com. More than 400 trader registered for this event, and Robert delivered an awesome webinar.
(If you missed it, you can request the recording of the webinar here)

Please understand that I am not a tax professional, and you should really consult with Robert to take full advantage of all the wonderful things you can do if you qualify for Trader Tax Status, but there's one thing that really stands out:

The concept of "Net Operating Losses".

Net Operating Losses are comprised of your ordinary trading losses and trading business expenses, like coaching tuitions, software and data subscriptions, books and magazine subscriptions and many more.

Now here's what blows me away:

Net Operating Losses may be carried back two tax years and/or forward 20 tax years. AND, they may offset any type of income in prior and future years, whether you were/are a business trader then or not.

What does that mean?

It means that if your wife has a job earning a regular income, then you can deduct your net operating losses from your wfie's income and you could save thousands of dollars in taxes.

Now, don't get me wrong:

Nobody likes losses, and our goal as traders is to make money, not to lose it. But as traders we might face some losses and for sure we do have business expenses. Isn't it great that Uncle Sam let's you deduct your business expenses and possible losses from any other income you might have? I think that is very generous.

So if you haven't talked to Robert lately, make sure to visit his website and schedule an appointment. Or attend one of his free conference calls every Thursday afternoon at 4:15pm Eastern Time.