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The Tax Thread
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The Tax Thread

  #201 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,025 since Dec 2013
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Been a while... another interesting blog post from Robert Green of Green Trader Tax (yes still a client).

Trader Tax Battle Of The States: California Vs. Texas

Forbes:- Trader Tax Battle Of The States: California Vs. Texas

aka why its awesome to be a trader in Texas (even if you are surrounded by ...)

Upcoming the rest of five-part blog series: Tax Battle Of The States
New York Vs. Florida;
Midwest Vs. Southeast Top 10 States;
New Jersey, Washington & Massachusetts;
Nevada, New Hampshire & District Of Columbia

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  #202 (permalink)
Trading Apprentice
New York, New York, USA
 
Futures Experience: Advanced
Platform: Tradovate & Investor R/T
Favorite Futures: Emini ES
 
Posts: 23 since Jun 2016
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Electronic Corporate Membership and Self-Employment Tax

As a general rule, if you trade futures and become a member of an exchange, you are subject to Self-Employment Tax on the income.

I have recently come across the opinion that if you have an "Electronic Corporate Membership" that is not the case. Has anyone else heard, or acted upon, this?

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  #203 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,025 since Dec 2013
Thanks: 1,678 given, 3,133 received
Forum Reputation: Legendary



Laconic View Post
As a general rule, if you trade futures and become a member of an exchange, you are subject to Self-Employment Tax on the income.

This used to be a bad thing but with the implementation of the 'investment tax' I believe there are ways that paying SE can reduce your investment tax bill but allow you to deduct pension contributions.

Laconic View Post
I have recently come across the opinion that if you have an "Electronic Corporate Membership" that is not the case. Has anyone else heard, or acted upon, this?

Sorry can't help.

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  #204 (permalink)
Trading Apprentice
New York, New York, USA
 
Futures Experience: Advanced
Platform: Tradovate & Investor R/T
Favorite Futures: Emini ES
 
Posts: 23 since Jun 2016
Thanks: 12 given, 17 received

Robert Green's guides

If one owns and has read Robert Green's "The Tax Guide for Traders" from a number of years ago what is the additional benefit, if any, of buying "Green's 2016 Trader Tax Guide"?

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  #205 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,025 since Dec 2013
Thanks: 1,678 given, 3,133 received
Forum Reputation: Legendary


Laconic View Post
If one owns and has read Robert Green's "The Tax Guide for Traders" from a number of years ago what is the additional benefit, if any, of buying "Green's 2016 Trader Tax Guide"?

No idea. I have like their 2008 edition (which I thought was quite good) but haven't bought it since as they now do my tax's.

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  #206 (permalink)
Elite Member
Calgary, AB/Canada
 
Futures Experience: Intermediate
Platform: Sierra Charts
Broker/Data: AMP/CQG
Favorite Futures: CL, NQ, 6E
 
Posts: 10 since Mar 2013
Thanks: 2 given, 8 received

@Liquid Trader

I am moving to Calgary this December and i trade American Futures (ES, CL, 6E)as well. Can you share your experience with me regarding choosing an American Broker and the tax formalities you need to fulfill? I have contacted Global Futures and IB. Global has higher than normal commissions and IB's data is not the best as i use tick and range charts.

Thanks

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  #207 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
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punitsomaya View Post
I am moving to Calgary this December and i trade American Futures (ES, CL, 6E)as well. Can you share your experience with me regarding choosing an American Broker and the tax formalities you need to fulfill? I have contacted Global Futures and IB. Global has higher than normal commissions and IB's data is not the best as i use tick and range charts.

Thanks

We would be more than happy to help. If you are moving to Canada as a "landed immigrant" status I assume you will pay Canadian taxes via the 1099 you will receive from your FCM. If you are moving to Canada without a status then you would have to pay taxes though your native country. Either way, you have to declare it somewhere.
If you gain contact with us we would be more than happy to provide favorable terms to your trading.

I hope this helps.

Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; August 29th, 2016 at 11:15 PM.
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  #208 (permalink)
Elite Member
Calgary, AB/Canada
 
Futures Experience: Intermediate
Platform: Sierra Charts
Broker/Data: AMP/CQG
Favorite Futures: CL, NQ, 6E
 
Posts: 10 since Mar 2013
Thanks: 2 given, 8 received

Matt...I will give you a call tomorrow in AM...thanks for your reply


Sent from my iPad using futures.io mobile app

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  #209 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 1,981 since Sep 2010
Thanks: 1,871 given, 2,655 received
Forum Reputation: Legendary


punitsomaya View Post
Matt...I will give you a call tomorrow in AM...thanks for your reply


Sent from my iPad using futures.io mobile app

You most welcome. Looking forward to hearing from you.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #210 (permalink)
Elite Member
Calgary, AB/Canada
 
Futures Experience: Intermediate
Platform: Sierra Charts
Broker/Data: AMP/CQG
Favorite Futures: CL, NQ, 6E
 
Posts: 10 since Mar 2013
Thanks: 2 given, 8 received

@mattz


Matt from Optimus is extremely helpful. I got so much credible information from him. I think what separates good brokers from excellent brokers is that personal interaction regarding your trading needs. I am giving my business to him and I highly recommend Matt to any futures traders out there.

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