For those of you who are active and profitable, it may be worth your time to look into “trader in securities” status as well. In the US, the IRS has allowed traders to elect a reporting status that permits Schedule C deductions of certain trading related expenses and may allow you to “mark to market” your positions at year end. Go to the IRS website and look under publications.
I am not a tax professional; nor is this intended as personal advice to you, westside, or to anyone else. Remember to keep it simple. Concentrate on the trading at first and get the details ironed out as you progress. Hope this helps…