CMC Tax Preparation Services, LLC

Here is some midweek Wednesday Wisdom inspiration from your friends at

To be recognized as a day trader for tax purposes, individuals must meet specific criteria set by the Internal Revenue Service (IRS). The IRS does not have a formal designation for day traders, but it does provide guidelines to determine if a taxpayer qualifies for trader tax status (TTS). Meeting these criteria can offer significant tax advantages, but it requires adherence to strict guidelines.

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Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management of your business.

The new U.S. tariff policy is raising costs and increasing uncertainty for business owners. Learn how to plan smarter and protect your margins--with help from your accounting team.

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The Internal Revenue Service (IRS) has clear guidelines regarding the deductibility of penalties. According to IRS rules, penalties paid to the government for violating laws are not deductible as business expenses or itemized deductions.

President Trump has issued an executive order for financial payments made to and from the Government to be done by electronic methods effective September 30, 2025.