Questions: 1. Can I have two accounts with two different accounting methods for taxes? 2. if so, how should I separate them? 3. Is MTM automatic for futures options or do I need to file paperwork with the IRS? 4. I believe I qualify for TTS on both accounts. Do I need to do any paperwork to apply for TTS or is it just a given?
So, I presume I can have both. (My fear is the equity account going MTM, although I like the Sec. 1256 for some instruments in that account.) No need to separate them?
I do not follow your question. 1256 contracts are already MTM. If you want to avoid wash sales on equities, you will have to apply with the IRS for that. They are already separate.
If you have two jobs, you can use two different accounts for payroll and taxes. You can also combine them into one account. Most likely, MTM is not automatic for futures options, and you need to file paperwork with the IRS. I would suggest you open a separate account for your stocks after all. That way, you'll know exactly the net income from the stocks and your core business. If you need to calculate wages, you can use https://www.payrollindex.com/pro-rata-salary-calculator/. This tool is suitable for both employers and employees.