Are taxes eating up your profits too?

[Sig]

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.

Yeah, none of those work the way you think they work.

The problem if you haven't actually done business taxes is that you're familiar with it from friends and people you know which gives you just enough info to be dangerous. For example, a realtor can write off most of their company car costs. A sales guy can write off many of his business lunches. But a trader can't. And when you buy $100K worth of land and do a conservation easement, you can claim a $100K donation which saves you $37,000 in taxes. Net net you're still out $63,000 you paid for the property which now has limited uses because of the conservation easement. And yes, the IRS sure has heck does audit to make sure you're telling the truth, who ever told you otherwise was definitely steering you wrong on that one! Of all the things to try to cheat on, your taxes is one of the stupidest.

 

[SunTrader]

tRump might find out just how stupid it was to cheat on that Westchester property tax scheme (among many other potential civil/criminal matters):-

Claimed value of sleepy NY estate could come to haunt Trump

https://apnews.com/article/trump-we...nvestigation-d6a128161e52d1cea94d4ffb54d14ef0

 

[IamTheCasino]

Yeah, none of those work the way you think they work.

The problem if you haven't actually done business taxes is that you're familiar with it from friends and people you know which gives you just enough info to be dangerous. For example, a realtor can write off most of their company car costs. A sales guy can write off many of his business lunches. But a trader can't. And when you buy $100K worth of land and do a conservation easement, you can claim a $100K donation which saves you $37,000 in taxes. Net net you're still out $63,000 you paid for the property which now has limited uses because of the conservation easement. And yes, the IRS sure has heck does audit to make sure you're telling the truth, who ever told you otherwise was definitely steering you wrong on that one! Of all the things to try to cheat on, your taxes is one of the stupidest.

Rofl, I run a business. Have friends that have families that run businesses that have been audited.

A "trader" can funnel his money into an actual business or "charity" to skirt taxes. The IRS is not going to be tracking down people i went to "lunch" with. Thats the point of a good CPA, to find creative ways to decrease your taxes and to make sure there is some form of reasonableness and you are covered if audited.

Know a family that "donated" 1400 acres in order to save a decades+ worth of taxes. You can live on conservation land.

But if you are going to sit here and say a person making trader money cant figure out ways to decrease their tax bill in these types of creative ways then you are 100% wrong.

 

[SunTrader]

Right up to the day you receive a call from IRS asking when is a good time for them to come audit you.

 

[IamTheCasino]

Who is your accountant?

WTF do you mean "who is my accountant." Jim smith you heard of him?

What a dumb question.

 

[jtrader33]

WTF do you mean "who is my accountant." Jim smith you heard of him?

What a dumb question.

My apologies if I upset you, ma'am. Just thought that his contact info might be of use to readers interested in employing his methods; I'm sure he'd appreciate the referrals as well.

 

[IamTheCasino]

My apologies if I upset you, ma'am. Just thought that his contact info might be of use to readers interested in employing his methods; I'm sure he'd appreciate the referrals as well.

ma'am? You are a fucking idiot. Ask a dumb question and then when you get called out for asking a stupid question you try and flip it like I am the problem?

Lmao, typical idiot tactics that most people use today.


Just because you get called out on your dumbass question doesnt mean anything other than you are a fucking dumbass

 

[jtrader33]

No argument there, I'm definitely an idiot. So, can we get his contact info?

 

[markteshorn]

The best thing about using offshore brokers is that you don’t have to pay any charges for maintaining less balance in your account. Most of them require a comparatively less minimum balance. Along with that, there’s also more privacy which if you ask me translates into more asset protection. It’s hard to get all this from your local brokers.

 

[Kagisopeter]

I won’t comment on the taxes because different countries have different taxation systems and it will be good if you contact your local CPA about it. And frankly, I haven’t faced any safety issues with the offshore brokers that I have used so far including FXTM and Merrill Edge.