{"id":169089,"date":"2021-06-16T14:14:00","date_gmt":"2021-06-16T18:14:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/webinars\/trader-tax-law-2021-mid-year-update\/"},"modified":"2023-02-09T15:20:40","modified_gmt":"2023-02-09T20:20:40","slug":"trader-tax-law-2021-mid-year-update","status":"publish","type":"webinars","link":"https:\/\/www.interactivebrokers.com\/campus\/webinars\/trader-tax-law-2021-mid-year-update\/","title":{"rendered":"Trader Tax Law: 2021 Mid-Year Update"},"content":{"rendered":"<p>Join Robert A. Green, CPA of GreenTraderTax, for tax developments impacting traders, including entities, a SALT cap workaround, and President Biden&#8217;s tax hike proposals on investors.<\/p>\n<ul>\n<li>A new entity qualifying for trader tax status (TTS) can elect Section 475, providing an exemption from wash sale loss adjustments, the $3,000 capital loss limitation, and eligibility for a 20% QBI deduction. In addition, an S-Corp can deduct health insurance premiums and a high-deductible retirement plan like a Solo 410(k). Mid-year is an excellent time to consider a new TTS entity,<\/li>\n<li>An entity might offer a\u00a0<a href=\"https:\/\/news.bloombergtax.com\/daily-tax-report\/salt-workarounds-spread-to-more-states-as-democrats-seek-repeal\">SALT cap workaround<\/a>\u00a0to circumvent the $10,000 limit on state and local itemized deductions.<\/li>\n<\/ul>\n<p>Biden&#8217;s tax proposals in Treasury&#8217;s FY 2022\u00a0Greenbook\u00a0curtail long-term capital gains for taxpayers making over $1M and closes the carried interest tax break for fund managers earning over $400,000. However, Biden&#8217;s Greenbook does not offer to remove the contentious SALT cap, and it retains the 20% QBI tax deduction. In addition, it does not propose a financial transaction tax.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Robert A. Green, CPA of GreenTraderTax, for tax developments impacting traders, including entities, a SALT cap workaround, and President Biden&#8217;s tax hike proposals on investors.<\/p>\n","protected":false},"author":1,"featured_media":181407,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13775],"webinar-categories":[13881,13878,13113],"class_list":{"0":"post-169089","1":"webinars","2":"type-webinars","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-green-trader-tax","7":"webinar-categories-taxes","8":"webinar-categories-webinar-topics-webinars","9":"webinar-categories-webinars-aired"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | IBKR Webinars | IBKR Campus<\/title>\n<meta name=\"description\" content=\"Join Robert A. 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