New LLC end of year

[deneselw72]

I opened a new 1 person LLC end of December- it was supposed to be January.  This is just for day trading. I have not tried to get the designation of day trader as I just recently set up the brokerage account outside my IRA.  I've already been day trading awhile and doing okay.  I have some expenses I would like to put together against this year's profits.  Is that possible?  What would I need to do?

Thank you.

[Anonymous_]

What are you planning to do? Make an MTM election under Section 475(f)?

See https://www.irs.gov/taxtopics/tc429

[deneselw72]

What I'm trying to figure out is how to enter non LLC activity and LLC activity for this year since I just got the LLC.

[Anonymous_ · Accepted solution]

Understood and it really makes no difference since your single-member LLC is a disregarded entity for federal income tax purposes (so it is treated in the same manner as a sole proprietorship).

[deneselw72]

Thanks