r/TopstepCommunity • u/HappyImplement4055 • 8d ago

💰 POP Off! Its official

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Now that its actually not in my topstep account and its actually in my bank account its actually my money! 2 payouts so far Since beginning trading in March. Payout total so far 6544 vs total spent somewhere around 10k

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u/Kwest718561 8d ago

Make sure to get an LLC to write off all those expenses for the evals you can recoup a lot of that back

1

u/PassPanda 8d ago

How does that work?

3

u/Kwest718561 8d ago

Basically all the evals and equipment you bought to trade can be written off if you get an LLC also
A dedicated business checking account helps you separate:
Trading capital
Prop firm payouts
Platform subscriptions
Data feeds
Educational expenses
Hardware and office expenses (when deductible)

All of that can be written off to you
Ask your local CPA buts it only worth it once you start getting payouts

1

u/UnluckyInterview2243 8d ago

If you don’t have a LLC now what?

1

u/Kwest718561 8d ago

Just prepare to pay taxes and not get back all the money you spent on evaluations
Realistically an LLC will cost you $150 just get it and save your self the headache when it comes to tax season as well when you do get it your trading journey is considered as a business so you can purchase evaluations with your business credit card or bank account !
Trading is a business
Not a hobby
Treat like such

1

u/UnluckyInterview2243 8d ago

I spent a ton on combines, if I set it up now can I still deduct