A new crop of day traders are learning they have to think fast about buying, selling and holding stock — and they might need to think quickly about tax planning strategies for next season as well. July 15 isn’t just the deadline to file federal income taxes.

Retail punters have been trading shares in record numbers. Thanks to the stock market jumping up and down like a kangaroo, and thanks – reportedly – to sports gambling being unavailable, households are throwing a record amount of cash at the market.

Live sports are back. Major League Baseball is set to begin its 2020 season. The Yankees—a favorite of Wall Street—play the defending champion Washington Nationals today. First pitch: 7:15 p.m. EST.

As the twin black swans of the coronavirus pandemic and the historic oil price collapse rocked financial markets early in 2020, opportunities emerged. So did media narratives. One of the most popular: that bored young people, stuck at home with no access to sports or bars or live entertainment, went day-trading instead, in many cases…