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The Tax Thread

  #201 (permalink)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
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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)
Laconic
New York, New York, USA
 
Posts: 38 since Jun 2016
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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)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
Platform: TT and Stellar
Broker: Advantage Futures
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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)
Laconic
New York, New York, USA
 
Posts: 38 since Jun 2016
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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)
 
SMCJB's Avatar
 SMCJB 
Houston TX
Legendary Market Wizard
 
Experience: Advanced
Platform: TT and Stellar
Broker: Advantage Futures
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,041 since Dec 2013
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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)
 punitsomaya 
Calgary, AB/Canada
 
Experience: Intermediate
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Posts: 10 since Mar 2013
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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)
 
mattz's Avatar
 mattz   is a Vendor
 
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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.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #208 (permalink)
 punitsomaya 
Calgary, AB/Canada
 
Experience: Intermediate
Platform: Sierra Charts
Trading: ES,CL
Posts: 10 since Mar 2013
Thanks Given: 2
Thanks Received: 9

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


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  #209 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
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punitsomaya View Post
Matt...I will give you a call tomorrow in AM...thanks for your reply


Sent from my iPad using NexusFi 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.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #210 (permalink)
 punitsomaya 
Calgary, AB/Canada
 
Experience: Intermediate
Platform: Sierra Charts
Trading: ES,CL
Posts: 10 since Mar 2013
Thanks Given: 2
Thanks Received: 9


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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