newbie help ...

M

moonlightxpress

hey traders..should i form a company before i start trading? can you guys give me some options and details on how to start please..if i do make it in the black i dont want uncle sam to take most of it ...thanks in advance...
 
Quote from moonlightxpress:

......if i do make it in the black.........
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Seriously, dude, since you doubt your "abilities" and appear to be concerned with accounting-related trivialities, you shouldn't get involved with trading at all. :(
 
Quote from moonlightxpress:

hey traders..should i form a company before i start trading? can you guys give me some options and details on how to start please..if i do make it in the black i dont want uncle sam to take most of it ...thanks in advance...
More...

It is not necessary. Your "company" would still be a sole proprietership anyway.

Much more important is having an accountant that understands IRS "trader status" - how to establish it and how to keep it and not get you audited over it.

If you have trader status, you can still write off everything even remotely related to your trading even as a non-entity.

go to www.edaytradertax.com to check it out
 
fwit Sir

Check into an LLC....

If intrested leagalzoom.com can set you up pretty cheap if you find it suites you


I trade under my LLC, the LLC is controled by my Corp (i'm the janitor, trader, and coo) :)

Convoluted but effective once you start making money
 
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