Llc

Quote from SideShowBob:

What's wrong with a do it yourself colonoscopy?

I didn't say I was averse to paying profession tax advisory fees per se, I'm more concerned about overpaying them....
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I think 4Q is an accountant, and it is his interest to create fear so he can get more business. bad. :eek:

However I didn't mean that consulting with accountant is bad. You are getting advice from a public forum at your own risk. :D
 
Quote from yip1997:


However I didn't mean that consulting with accountant is bad. You are getting advice from a public forum at your own risk. :D
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Thanks, I know getting info here is not always the best source....but it beats info from the IRS. I read that their own help hotlines are wrong 1/3 of the time, but that if you follow the IRS help hotline's advice and later have a problem it doesn't matter if you did what their own helpline told you to do.....
 
Quote from exQQQQseme:

Dandsg, the profits from a trading business, whether LLC, sole proprietorship, etc., do NOT qualify as "earnings" for purposes of a 401(k) contribution.

Bob
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That sounds correct to me. I believe I read that a couples of years back in Ted Tesser's book.

P.S. I am not at the point where I am concerned alot about 401K. I am a long way from retirement. Right now I am working on consistent profitability. I a couple of years I will focus on funding a retirement fund. I originally did the LLC because I felt that my first 1-2 years, would be challenging, which they are. This would give me more write-offs than trying to qualify for trader status and it allows income sharing between my wife and I. My belief, correct or not, is that i stand less of a chance of audit trading under an LLC than trying to qualify for trader status.
 
Quote from exQQQQseme:

SideshowBob, glad you didn't take my colonoscope comment all that serious.
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How can a guy who calls himself SideShowBob take anything too seriously? :p :p :p

I'd like to do my taxes myself and then get them looked over by a professional to make sure I didn't screw up anything major. I'll look into that guy in Denver, he seems reasonably priced.....

Green is the Rolls Royce of CPAs for trading, not sure I need one .... a Toyota should be fine for me :D
 
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