How to Protect Your Income from Taxation?
- Thread starter adadadog
- Start date
1) velocityfutures.com--->Open an account--->IRAQuote from riskaddict:
----trade futures in an IRA?
2) Contact Millenium Trust to see what other firms they do the "trust stuff" for if you want your account elsewhere.
3) (For illustrative purposes only. Past performance is no.....(yada, yada, yada).....)
4) (You cannot litigate against me.)
GET A PRO TO ADVISE YOU ...
And then roll your IRA into a solo 401k. You can be the trustee, the administrator and the chief cook and bottle washer. Once you have a retirement trust that you truly control you can (except for collectibles) invest in pretty much what you please.
Since firms are accustomed t doing business with various trust entities almost any firm will open an account and let you trade as long as they have a trust agreement (10 to 15 pages) on file.
There are tons of bells and whistle available in solo 401ks so it pays to get real advice.
If your adviser tells you that you must have a business to have a solo ... they are correct. Ask if you can mow your neighbors lawn or babysit their kids and gross $100 a year in that business and still qualify. If they say no ... you do not have a pro. The reality is ANY size business qualifies as long as you have the intention of adding funds to the retirement account from profits.
Put the $100 you make babysitting in ... lol.
What I am describing is completely legitimate and with good advice can serve you well. The start up and ongoing fees only make it worthwhile if you can rollover at least 100 K.
And then roll your IRA into a solo 401k. You can be the trustee, the administrator and the chief cook and bottle washer. Once you have a retirement trust that you truly control you can (except for collectibles) invest in pretty much what you please.
Since firms are accustomed t doing business with various trust entities almost any firm will open an account and let you trade as long as they have a trust agreement (10 to 15 pages) on file.
There are tons of bells and whistle available in solo 401ks so it pays to get real advice.
If your adviser tells you that you must have a business to have a solo ... they are correct. Ask if you can mow your neighbors lawn or babysit their kids and gross $100 a year in that business and still qualify. If they say no ... you do not have a pro. The reality is ANY size business qualifies as long as you have the intention of adding funds to the retirement account from profits.
Put the $100 you make babysitting in ... lol.
What I am describing is completely legitimate and with good advice can serve you well. The start up and ongoing fees only make it worthwhile if you can rollover at least 100 K.
Great thanks for the info guys! Last time I checked they told me no.
The best way to avoid current taxation is to set up Defined Benefit Plan, assuming you are self employed or have very few employees. Presently, the outflows upon retirement are as high as $195k and the inflows are determined actuarily. The set up and maintenance are expensive but you will save a boat load in taxes. Also, your inflows have to be very predictable. If they are from trading that may not be the case. Do a bit of research on this plan and compare to an SEP IRA.
Open brokerage account with foreign entity. Open bank account in tax shelter country ie Swiss (not for Americans anymore). Wire winnings from brokerage to shelter bank account. Use visa card to withdraw cash or pay for purchases in states.
This *would* be tax evasion.
Now, on the other hand, trading futures in an IRA is very straight forward. I've used both Equity Trust and Millennium Trust as custodians, and I strongly recommend the latter. Their customer service isn't great (get ready for long hold times), but they are friendly, get it right, and are relatively inexpensive.
the roth ira is a gift to traders. roll money into a roth ira and trade it. gains are tax free forever.
a regular ira/sep/401k is only tax defered. you will be paying ordinary income tax rates on the money you withdraw in the future.
a regular ira/sep/401k is only tax defered. you will be paying ordinary income tax rates on the money you withdraw in the future.
Quote from nazzdack:
You may want to consider trading in a taxable account until you "produce" your living expenses for the year and then trade in a retirement account for the remainder of the year. Instead of the "260" being fully taxable, you could stop trading after making "100" and then the other "160" could be fully deferred.
I do not understand this. If you have two accounts (retirement and taxable) isn't it better to try to make the maximum amount in each, ie, trade each optimally, instead of letting one lie fallow?
Isnt' it always better to make more money and pay more taxes? They will not tax all of it away from you.