now give it to your wife or girlfriend, she knows 100 ways how to spend it ...lol, at least mine does...
its just money
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DislikedHi Pairtrader,
Thank you for your kindly reply. I wish I make a journey to Las Vegas...
(Did you know Kana and Kanji? That picture which I set the example to you was expression that Japanese investment companies tried to give customers a favorable impression.)
We(Japanese)are not yet accustomed to positively aiming at capital gains.
But at this level of interest rates, a deposit of 1 million yen will produce an annual interest of only 100 yen.
In Japan, individual investors have been able to trade foreign currency since 1998, now foreign exchange online trading is more popular among individual investors. Now foreign exchange live accounts which we opened became about 600,000. But Japanese FX brokers is shallow history, we will not deposit a large amount of money...
(I opened a live account at a certain American FX broker.)Ignored
DislikedWHTenn, I am leaning towards an LLC and from what I have found it seems to be a very good option. Vegas talks about setting up some offshore accounts that sounds alluring as well though. I was wondering if I set up an LLC will Uncle Sam try to regulate my day to day since my primary business will be investment. Any thoughts?
Uncle Sam should not try to regulate your trading activities nor interfere. I use an LLC for the sole purpose of trading the forex. Make sure your eligible as a trader status and not as an investor status and your all set. (Do a google search for trader status to get an idea of what the difference is). I like being taxed only once since it is an LLC. Use the IRS 1256 Contract rules which is the best of all tax-worlds with ordinary tax treatment for losses, so they are exempt from capital loss limitations. And capital gains (60/40) tax-treatment for gains, so they save up to 12% in tax rates (23% versus 35% at current tax rates).
You will see others tell you to move to another island and trade. (These are ideas from people that want to move and have not themselves moved).This is fine if you do not want to pay taxes, but realistically, you cannot do so unless you have a lot of money in the first place. Just pay the 23% taxes (under the 1256 IRS Contract) and keep your butt here in the US. If you leave and renounce your citizenship, you may regret doing so.Ignored
Dislikednow give it to your wife or girlfriend, she knows 100 ways how to spend it ...lol, at least mine does...Ignored
DislikedHi Fumafuma,
Come to Vegas bring lots of cash but be prepared to leave it all here . If you can come prepared to do that you'll have a great time! I love it out here and enjoyed vacationing here before I became a resident. As for my Kana & Kanji skills not so good. I studied it briefly a few years ago but if my life depended on having to decipher a character I fear that I would be six feet under.
Bummer on your interest rates I hope that Forex works out for you. I am surprised to hear that about the rates there I have always heard about BOJ's strict regulation of the banking industry out there. Plus seeing how well your corporations and industrials sectors have performed over the past few decades I thought that you would be able to make a little bit in banking.
Happy TradingIgnored
DislikedHi Pairtrader,
Thank you for your reply. Were you studying the Kanji with Madam? How nice!
In Japan, tax system is socialist tax system. I heard "re-distribution of income by bureaucracy".
For example, with the income exceeding 18 million yen, 40% will be held by the country as an income tax.
Inhevitance tax is 50%(over 300 million yen),tax of interest income is 20%.
Tax of trading foreign currency is included in income tax.
Those who want to receive welfare were gathering in Toyota City from other cities, now citizen is not permitted to get welfare simply.
If the heavy tax continues in Japan, rich men and money will be flowing out of Japan into the U.S.etc., and only poor men will remain in Japan, we think.Ignored
DislikedNow, if I wanted to move somewhere, Dubai is the ultimate place to go:
http://en.wikipedia.org/wiki/Dubai
http://www.dubaicityguide.com/main/index.asp
I am going to vacation there this year.Ignored
DislikedYou are getting some darn good advice. I set up a c corp and LLC combination at the advice of a online tax advisor. I had made great money the year before and it and was anticipating another banner year. If you are really printing money on a consistant basis the dual entities may have some benefits. I am currentely only using the LLC as its more trouble than its worth to keep track of the dual book work. Be carefull and check around as it is my opinion that the tax advisor that I used WAY OVER SELLS THE BENIFITS,of the dual set up. Also checking to see who some of the people on FF use to check on customer service. IE do they call you back and answer your questions, Or are they just after the set up fees Best wishes GBIgnored
DislikedWhy can't you just trade as an individual and pay your 15% capital gains tax?Ignored
DislikedAhhh. the concept of incorporating "The Cost of doing Business" into the calculation suggests that you have been an independant businessman before joining the 'quest'.
But... If you could coerce your borker into giving you a 1 pip discount [even 0.5 pips] wouldn't you?
Same applies to how much Prft you have to pay to $am or Tony or whomever.
Legally, of course.Ignored
DislikedWhy can't you just trade as an individual and pay your 15% capital gains tax?Ignored
DislikedPlease let me know how you pay 15% capital gain taxes. I thought I was at the lowest tax bracket with IRS Statute 1256 (60/40). As a professional trader, I never heard of a 15% tax bracket for forex traders. I do have an LLC which is the best set up for a trader because I am taxed once instead of twice with S and C Corporations.
If you tell me how I can pay 15% legally, you have a case of champagne coming your way.Ignored