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Any advice for tax purposes would be greatly appreciated. I am thinking of day trading options on the SPY. It could involve calls and puts in the same day. I am clueless how this works on taxes. This is in a IRA account.

If it is a standard IRA, withdrawals are taxed as income. As long as you don't withdraw there is no tax event created. Depending on the amount of money in the account, you might be under the "pattern day trader" rule. Look that up, so you don't get surprised. If it is a Roth IRA, you do not pay any taxes on withdrawals. Good luck in your trading.

As far as I know, as long as you haven't withdrawn from the card, the tax will automatically be deducted from the amount you already have in your account. If you don't have enough money or lose your job, it all piles up as a debt. I am not as well-versed in the tax field as I would like to be. So if you need help urgently, you should go to https://stephenswmg.com. I believe any financial issues and situations should be solved by specialists in this area. Because when it comes to taxes, the cost of a mistake is extremely high.