Working for nothing

[Gene V]

Seems like every tax season I’m working for nothing. Since I’m at the computer all day, I keep looking
At the stock market in between clients, and sometimes I do a little trading. Then when Friday comes
I do my weekly deposit. Lately my deposit matches my lost at the market for the week.

The question? Should I quite working or quite playing the stock market.

[S T]

Well

Based on the fact pattern given, I would say give up the trading, since your deposits from Tax Work are equaling your losses from trading.

However, the other approach is that because you are preparing taxes, and trading in between your client appointments, maybe you just are not concentrating on the Stock Market and determining the right buy/sells.

Sandy

[BOB W]

During this market there is very little focus available. Give up the market for now. You don't have to sell what you bought, just wait it out.

[JoshinNC]

Buy mutual funds

and let the "pros" do the trading. Then you have someone to blame for the drop and you could get a couple more returns done a day with the freed up time.

[ChEAr$]

Gene, you have a problem.

Seems like every tax season I’m working for nothing. Since I’m at the computer all day, I keep looking
At the stock market in between clients, and sometimes I do a little trading. Then when Friday comes
I do my weekly deposit. Lately my deposit matches my lost at the market for the week.

The question? Should I quite working or quite playing the stock market.

And here is the solution; no charge!

STOP checking your portfolio daily, hourly, or periodically.

Yes, I know. I can relate.

[Gene V]

Thanks for all the advice ; it just has been frustrating riding this yo-yo market of ours.

[JohnH]

Was it JP Morgan?

I've heard the story many times, and I think it was about JP Morgan.

A friend said, "Mr. Morgan, my stocks are so volatile that I can't sleep at night. What should I do?"

JP Morgan replied, "Sell immediately, down the the sleep level !"

[zeros]

Clean Up Work-Reduced Rent

This has come up before. Client does some cleaning around the apartment and gets reduced rent as a result. The prior post determined that this was taxable. Does the landlord issue a 1099 to cover the value of the work? Or is it up to the renter to do the "honorable thing?"

[sea-tax]

Seems like every tax season I’m working for nothing. Since I’m at the computer all day, I keep looking
At the stock market in between clients, and sometimes I do a little trading. Then when Friday comes
I do my weekly deposit. Lately my deposit matches my lost at the market for the week.

The question? Should I quite working or quite playing the stock market.

the short of it is no and no to both questions. right now is a great time to buy. I see this as an investment opportunity. reallocate the money in a balanced mutual fund portfolio and then sit back take a deep breath and enjoy the ride.

[taxxcpa]

My stock market results

I always make money in the market in tax season since I'm busy doing taxes so I don't churn my account. After tax season, I lose all those gains trying to play it smart.

[veritas]

Ask yourselves this

Of all the clients you have done taxes for, how many consistently made money in the market doing their own stock picking?

[joanmcq]

That is the question...for me, virtually none! C'mon, how many times do you tell your clients to buy and hold, invest for the long term. buy a few funds, consider anything you play with the same as you would gambling funds and stay away from the market boards!