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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,386
Thanks Received: 10,206
My trading accounts qualify for Trader Tax Status, my investment accounts do not. They are kept completely separate. This is made easier by the fact that I do not manage my investment accounts somebody else does, but it shouldn't matter either way. I thought Green did a great blog on this but couldn't find it. I did find his Forbes article similair to his Golden Rules for Trader Tax Status though.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,386
Thanks Received: 10,206
I have an LLC which we switched to an S-Corp last year. It's a management company though, not a trading company. I'm not sure how it all works (I'm a trader not an accountant) but it enables me to have a defined benefit pension plan, which enables me to defer a lot of tax's, among other things.
I thought we could use a thread devoted to Taxes. This is all things taxes regarding trading.
One example, Advantages/disadvantages for different situations (equities, futures, forex, etc) as well as benefits of filing sole-proprietor vs LLC or as a …
Thanks @SMCJB, I've been digging through that one as well. I'm going to get in touch with Green and see if they can help me out; I've already got one S-Corp going for my other business (non-trading related) and am looking for someone to handle both. Really good to hear of your experiences with them.
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