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Is there a way to pay LONG TERM CAPITAL GAINS(15%), instead of regular income tax(35%
- Thread starter Uncle_Ho
- Start date
I know 2 guys down on cme floor that use standard corps, takes $1 salary and the rest in capital gains, no different then those ceo's of fortune 500 claiming to help the little guy buy getting only a $1 salary.
Quote from eternitysgarden:
I know 2 guys down on cme floor that use standard corps, takes $1 salary and the rest in capital gains, no different then those ceo's of fortune 500 claiming to help the little guy buy getting only a $1 salary.
How can you compare the CME trader taking risk vs. a suit sitting in a corner office?
Or you can just do it the warren buffet way!
http://www.forbes.com/lists/2006/12/C0R3.html
take a low salary at 100k, then use the rest as capital gains. But if you're not making 300k + a year why even bother? (not worth the effort with all the paperwork) just pay your taxes.
http://www.forbes.com/lists/2006/12/C0R3.html
take a low salary at 100k, then use the rest as capital gains. But if you're not making 300k + a year why even bother? (not worth the effort with all the paperwork) just pay your taxes.
Quote from Uncle_Ho:
How is that possible, would I need to set up an LLC with a partner. This would save me a huge chunk of money every year if I can save 20%
with LLC you are not going to get any tax advantages. with a partner or without. you can deduct some of your current expenses(which is subject to a 2% floor on personal taxes) that 's about it. you can "play" with partners tax brackets. but imo-it's not really worth it.
don't forget about self employment taxes.