Did anyone here register their trading as a bussiness?
- Joined Jan 2010 | Status: overcaffeinated.... | 1,540 Posts
si hoc legere scis nimium eruditionis habes
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Dislikedif you have invested your own cash . how can you not treat trading like a business or investment . ?Ignored
DislikedI'd much prefer the tax office to consider mine as a hobby personally (;Ignored
Disliked{quote} yeah definitely with ATO. Other jurisdictions can get funny if you are profiting from a hobby though.Ignored
Dislikedi plan to at the end of the year, either LLC taxed as a s corp or im going to go corporation fully and then s corp.. (more complex but better tax benefits)Ignored
Disliked{quote} Same here... I am just after the tax benefits...so, do we need to take the series 7 exam or something when we register it as a business even though i am trading own money?Ignored
DislikedIf you are trading your own money and live in the USA, you don't need to take any exam. I set up an LLC for my business and chose the S-corp structure for tax purposes. In my opinion if you are doing this full time for a living (which I am) then you really should do this as the tax benefits are fantastic. You are also able to set up a 401k plan for your entity as well as take deductions for Health Care premiums, etc..... Green Trader Tax is a really good site with loads of information for traders and these guys in my opinion are the best in the...Ignored