How can I import stock transactions in to an Excel for tax man?
My tax man told me! I have to transfer all my stock transaction into Excel and put it on portable memory before I go to see him. If anyone knows here how to do it from Scottrade account let me know. I transfer once from my previous year loss/gain from my account option but it doesn’t give me the details of each transaction separately. Maybe I need to find another tax man?
You should just be able to print out your statement and your tax guy should be able to do 2 line items on your schedule D–long terms gains/losses and short term gains/losses. Then he can just mail a copy of your print out with a form 8453 (it’s an IRS transmittal form for when you mail something to correspond to items that are on an e-filed return.) That’s my quick and dirty way to save clients money so I’m not charging them for inputting mass quantities of transactions or fiddling with making them make Excel spreadsheets. (Sorry for sounding technical.)
Why he might want the spreadsheet anyway– But before you write off your tax guy as being dense, there could be a very good reason for him wanting to look closer at your transactions. Scottrade folks, in my experience, are more likely to be “day traders”. My Scottrade clients tend to generate many more transactions than my other clients with investments. If you fall into the “day trader” category, he may be looking to see if you should be categorized as a professional trader which could greatly change your tax situation. So it might not be a case of his being lazy but of his working extra hard to see what’s best for you.
Have you ever used a psychic to advise you on what stocks to buy?
If so, how did it go? Did you make money? I am thinking about investing in the market and need an edge. Thanks.
I’ve been in the business since 1961, I’ve never met anyone who used a psychic, although I know many analysts who should have.
There are many in this business who have an edge, they’re the ones who studied, understand what they’re doing, why they’re doing and how to do it.
There’s no quick fix, no magic box, no mystic theories, just have a good investing/trading plan, along with a sound money management program and follow both of them with discipline.
Don ‘t waste your time trying to find a quick way around the market, just study hard and meet it head on
Is it a good idea to put money into bonds and mutual funds?
I heard that at least with solid bonds you are guaranteed the money back at least and with mutual funds you get much much much more in return but over a long period of time. I am actually 16 and only have 500 bucks to my name but these are the things I am hearing. Any other good investing ideas? What are the most profitable and quickest ways to earn money without playing the stock market?
First, I commend you on your desire to start saving. At 16, this is quite an admirable trait.
Second, PLEASE do yourself a favor and never get stuck on the idea of making a quick buck in the stock market. Sounds like you’re already there, judging from the last statement in your post. Most people will make several small, profitable trades when trying to play the market, and then take a beating on 1 single trade just waiting for the stock they purchased to come back up. It usually keeps dropping until the person finally gives up and sells for a large loss.
I would highly recommend you parking your $500 in an Exchange Traded Fund (ETF) based upon a diversified holding. For instance, the Vanguard Total Stock Market ETF (symbol: VTI) is an excellent place to start building your base holdings. ETFs work like stocks, so there is no minimum purchase requirement, unlike most mutual funds or index funds, which is advantageous in that you only have $500 and the minimums on mutual/index funds are normally greater than $1000. Each share of the ETF mentioned above, VTI, represents ownership of many, many companies throughout the entire stock market, so you would be extremely well diversified.
It should also be said that, if you might need this $500 in the near term (3-5 years), stick with savings accounts or CDs. Investments can turn against you and you need to have the time to wait them out. If you won’t need the funds, then go ahead and start your investment holdings, and keep adding to it! Even if it’s only $10/week, you will be amazed by how much you accumulate as time goes by.
All the best!
How can i make money with $20,000 dollars cash?
I have $20,000 cash and I want to make money with it.. I dont know about stocks or mutual funds… Can some one please help me… I would like to stop working so hard to make a little money and make my money work for me… Thankyou!!!!!!
First, stay away from penny stocks and get-rich-quick schemes.
The surest way for the average Joe to accrue substantial wealth over time is to invest your money in an S&P 500 indexed mutual fund, and make monthly contributions to it come hell or high water. Over the long haul the dollar-cost averaging provided by that mutual fund will, along with the next-to-nothing administrative costs of that particular type of fund, grow you some serious dividends.
Doing this won’t make you rich tomorrow or even in ten years. But long term you’ll have a bundle. Just don’t get scared every time the market takes a dump. Keep plowing contributions and dividends back into the fund, allow the market’s ups and downs to work for you, and watch it grow.
What are some get rich quick schemes that actually work?
Hi i am about to go into college and rack up A LOT of debt, does anyone know any get rich quick schemes(apart from the lottery) that could help me?
Well, you could marry an elderly man with a heart problem.(not me, I’m too healthy).
Get rich quick schemes only get the person rich who is selling it.
How about “get rich slowly”, making money every time the phone rings, a method recommended by one of the richest men in the USA. It is a networking company called ACN, started in Michigan less than 20 years ago, and now is 19 countries. You need someone to sponsor you(I could do it) and you don’t have to sell soap, vitamins, makeup etc. You don’t have to stock products, meet sales quotas, or keep accounts. I’m in it and on my way to “get rich slowly”. Email me if you want more information.
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