Forex Taxation in a Business Entity?

Ive been reading on taxation (for US taxes) and how to minimize taxes by creating a business entity. Does anyone have experience doing this? From what I understand is that its much more difficult in writing off things such as seminars, business trips, etc. if trading is not your day job. The IRS sees it as a hobby if you dont meet certain criteria. Moving it into an entity would somewhat resolve this.

Please share your thoughts or experiences, what your setup is (LLC, C-Corp, etc.) and how is it benefiting you. I really want to run my trading like a business and have many ideas to expand on just trading, so the idea is there. I know this isnt the solution for everyone, but I'd like to hear from people that do this to run their trading like a business.

Any answers?

Set up a LLC and you will be taxed once instead of trading as a corp and taxed twice. Trade IRS Status 1256 and this will lower your taxes.

There are many excellent topics on this subject in this forum. Look in the search feature. Many of your answers will be found here including recommendations for a good tax accountant.

Good Luck

I went with Traders Accounting since they will set everything up for you and also provide 6 months training...

Good move, I hope they can help you!

Good Luck