Tax Advantages for LLC

Nothing against other posters, but I don't want to go against the IRS and say "while joe on elitetrader said I should do this". Contact a CPA and/or attorney. I'm currently working with Robert Green (www.greentradertax.com) but there are other CPAs who do this as well (tradersaccounting.com, etc -- google them).

SSB
 
Quote from sirpangolin:

For those of you with an LLC, should you file a C Corporation as well to maintain that LLC?

Is it viable as long as you trade >300 trades a year?
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thats what the lawyers and the entity sellers want you to believe. you just cant prove that statement. im a cpa and all of my peers also say its absolutely not proven fact.
 
Quote from progers82:

thats what the lawyers and the entity sellers want you to believe. you just cant prove that statement. im a cpa and all of my peers also say its absolutely not proven fact.
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Regardless of what they may say, do you want to be the whipping boy and the example? What if they're right?

I don't. Creating an LLC seems like a pretty legitimate answer according to my research. :shrug:
 
Quote from joeyata1:

you obviosuly don't knwo the trading laws. as a trader status tax retunr i can write all off on sch jsut like a llc. the only difference between the 2 is possibly many feel the chances of getitng audited in an llc is less than individual and one can do a retirment plan from having an llc and writeoff there health ins but you msut pay fica versus no fica for an individual trader as its passive income
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That's wrong... cap gain income passed through an llc to an individual is not subject to fica.
 
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