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Are taxes eating up your profits too?
- Thread starter rubinageniro
- Start date
And do like the Queen and stick some dough in a Jersey "Trust" account.If you take up residency here in the UK you will not only benefit from one the world's strictest regulators to monitor what your broker does but if you trade using spreadbetting you will never pay any tax on your profits.
Actually a good bit harder in practice, at least here in the U.S."Work" vehicle, office space, petty cash, business lunches, vacations (company related travel). Pretty amazing the amount of shit you can attach to a company.
Yeah, so if you're a trader you can't claim business use for your car for anything more than a few miles a year, so that gets prorated to pretty much nothing. Again as a trader, it's hard to legitimately tie a business need for a trip to a vacation destination to your business, which is absolutely required. There's an entire section of code on business lunches and using your house for office space, neither are easy to game. Don't even know what is meant by "petty cash" being used as a tax write off? Sure you can just say you're using your car for business use when you aren't or can just say your vacation was a business trip when it really wasn't, but that doesn't stand up to IRS scrutiny any better than just completely fabricating the numbers on your tax return, which is far less effort if your only goal is to evade taxes.not really. Aside from the limitations on how much you can actually write off based on your income. I cant write off a 25k vacation and an 80k vehicle if i only make 50k.
Yeah, so if you're a trader you can't claim business use for your car for anything more than a few miles a year, so that gets prorated to pretty much nothing. Again as a trader, it's hard to legitimately tie a business need for a trip to a vacation destination to your business, which is absolutely required. There's an entire section of code on business lunches and using your house for office space, neither are easy to game. Don't even know what is meant by "petty cash" being used as a tax write off? Sure you can just say you're using your car for business use when you aren't or can just say your vacation was a business trip when it really wasn't, but that doesn't stand up to IRS scrutiny any better than just completely fabricating the numbers on your tax return, which is far less effort if your only goal is to evade taxes.
I thought trips were not deductible for self directed traders - so you can't deduct all those credit spread seminars in Las Vegas.
Work related education expenses are a whole separate IRS topic, Topic 513 to be exact!I thought trips were not deductible for self directed traders - so you can't deduct all those credit spread seminars in Las Vegas.
I also like to take tea at around 5pm.And do like the Queen and stick some dough in a Jersey "Trust" account.
Yeah, so if you're a trader you can't claim business use for your car for anything more than a few miles a year, so that gets prorated to pretty much nothing. Again as a trader, it's hard to legitimately tie a business need for a trip to a vacation destination to your business, which is absolutely required. There's an entire section of code on business lunches and using your house for office space, neither are easy to game. Don't even know what is meant by "petty cash" being used as a tax write off? Sure you can just say you're using your car for business use when you aren't or can just say your vacation was a business trip when it really wasn't, but that doesn't stand up to IRS scrutiny any better than just completely fabricating the numbers on your tax return, which is far less effort if your only goal is to evade taxes.
You can write off conventions - isnt there a trader convention in vegas each year?
You can also open a 501 c 3 as a wildlife preserve, donate land to the Non profit, and write off the taxes that way
Or open a different business like "trader consultant" and do it that way. There are ways to game.
IRS during an audit doesnt go and check to make sure you are telling the truth, they are lookin to see if its reasonable expense. Plenty of ways to funnel trader profits so you dont have to pay taxes or pay very little than what would normally be your tax bill.
You can write off conventions - isnt there a trader convention in vegas each year?
You can also open a 501 c 3 as a wildlife preserve, donate land to the Non profit, and write off the taxes that way
Or open a different business like "trader consultant" and do it that way. There are ways to game.
IRS during an audit doesnt go and check to make sure you are telling the truth, they are lookin to see if its reasonable expense. Plenty of ways to funnel trader profits so you dont have to pay taxes or pay very little than what would normally be your tax bill.
Who is your accountant?