Thanks for checking.
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prop firm new model - my trading journey 871 replies
Anyone trading with a Prop firm 2 replies
So I accepted a Prop Trading job in South Beach Miami 43 replies
Disliked{quote} Where i live, personal capital gains on forex is 19,6%, for contractor like propfirms is like till 1000 eur dont pay tax only social security but has this gets high more tax will apply but then is advisable to create a company if make to much money, and for company is 8,75% first 50k euro taxable profit for companies, how is it in your country Trandy1 are taxes high there?Ignored
Disliked{quote} Where i live, personal capital gains on forex is 19,6%, for contractor like propfirms is like till 1000 eur dont pay tax only social security but has this gets high more tax will apply but then is advisable to create a company if make to much money, and for company is 8,75% first 50k euro taxable profit for companies, how is it in your country Trandy1 are taxes high there?Ignored
DislikedCan anyone advise me how to withdraw from 5ers using Wise. I have never used Wise before. Do in need to have Wise account?Ignored
Disliked{quote} You need to deduct sales tax of 23% first if you are self employed as you do when trading on a prop firm. On top of that you pay taxes as individual or company. Of course if you only make 20k per year it is not much. But if you do 100k or 200k per year as serious income from prop firms then it looks different. It is better than in traditional high tax countries but the advantage is not as huge as you have described it. Corporate taxes are up to 31.5% I have seen here. So all in all I think you could pay up to 47.5% taxes even you have a...Ignored
Disliked{quote} If Prop firm Industry is messed up, people will ultimately goto forex brokers to open a personal account to trade. In the current situation, very few good prop firms with reasonable terms and conditions available. Bespoke , funded next . FXIFY all crap now. Only FTMO, and 5ers seem good. FTMO is expensiveIgnored
Disliked{quote} Wise does not work. This is since this year 2023. Already said here many times. You need to have a bank wire from 5ers as Deel also does not work anymore.Ignored
Disliked{quote} I recieved through wise this week from 5ers. Pretty quick as wellIgnored
DislikedCan anyone advise me how to withdraw from 5ers using Wise. I have never used Wise before. Do in need to have Wise account?Ignored
Disliked{quote} Here it is in exact numbers. 19% sales tax first as I am independent contractor on any prop firm. On top of the rest of 81% profits it is taxed depending on the income level. It can be as high as 45%. So in the end I could pay up to 55.44% taxes on prop firms. On 62k gains it is already a tax rate of 42%. So here I pay 53.02% taxes.Ignored
Disliked{quote} cti 5ers lux surge ftuk this are the only prop firm i trust... they offer real live accountIgnored
Disliked{quote} Do you have surge funded account? some months ago the owners got caught by SEC in a ponzi schemeIgnored
Disliked{quote} You don't need to pay sales tax unless you are being charged for sales tax. You should also be able to claim the income as capital gain.Ignored
Disliked{quote} You cannot classify as capital gains on trading at a prop firm as you are independent contractor and thus it is self employed income, meaning there is sales tax to be paid when you make declaration of your yearly tax income.Ignored
Disliked{quote} lol....yes, sure did. Yet, they are still stealing from folks with a horrible offer and MFF, the best by far, is shut down. The irony.Ignored
Disliked{quote} That's not sales tax, it would be income tax. Here in the US (and I assume maybe some other countries), capital gains tax on a personal account would be a lower % than income taxes as an independent contractor with prop firms. However, if you run your trading as a legitimate business, you can declare the income on a Schedule C [profit / loss from business] and thus deduct allowable expenses to lower the taxable income. Sometimes you can get prop firm income down to capital gains % levels, or at least closer to it, depending on your expenses...Ignored
Disliked{quote} You cannot classify as capital gains on trading at a prop firm as you are independent contractor and thus it is self employed income, meaning there is sales tax to be paid when you make declaration of your yearly tax income.Ignored
Disliked{quote} Financial services are usually exempt from sales tax. The income is based on trading capital and profits generated so I would definitively try to claim it as capital gain. The keyword word here is "revenue share".Ignored