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The Business of Forex Trading

  • #21
  • Aug 1, 2009 11:54pm Aug 1, 2009 11:54pm
I know I know... I should've thought about this before coming over. Other than being a little pissed about the whole tax situation, I'm pretty happy with my decision. I got a good education, a good job, and a good "hobby" (trading). : )
  • #22
  • Aug 1, 2009 11:56pm Aug 1, 2009 11:56pm
Quoting qweabc
And, if you decide to give up your US citizenship, you will have to pay taxes for 10 years after your citizenship is revoked.
Why am I not surprised by that? hahaha, don't answer.

Quote
I plan on going back home with an fx account balance of 100k, and as long as the account is maintained outside my country, I wont have to pay taxes on it.

Nice plan. There are 'almost' always loopholes to every tax law in the U.S. I'm sure there are motivated folks that know how to go around this stuff legally.
What is your home country? If you don't mind.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #23
  • Aug 1, 2009 11:56pm Aug 1, 2009 11:56pm
Quoting LasVahGoose
.

No point in paying Social Security, since it will be insolvent long before I'll get chance to collect what has already been put in.


I forgot about this website as well, lots of info to search as well.
http://www.traderstatus.com/trader.htm
Thanks, LVG. Maybe we will get some interest. I will keep punting it up to see what happens.

I have not had a "job" since 1996 and stopped paying the self-employment tax in 2002. Now, when the annual SS statements come in the mail I have to laff at how small my projected benefit has gotten. I lterally don't have much left to lose.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #24
  • Aug 2, 2009 5:31am Aug 2, 2009 5:31am
Quoting LasVahGoose
Why am I not surprised by that? hahaha, don't answer.



Nice plan. There are 'almost' always loopholes to every tax law in the U.S. I'm sure there are motivated folks that know how to go around this stuff legally.
What is your home country? If you don't mind.
India. The highest tax rate there is 30%. Other than the police/fire protection, you don't get anything from the government, but everything is affordable. You don't have to worry about healthcare, education costs. Even if I needed brain surgery, I could afford it on my own without insurance. I can also smoke a joint walking down a busy street, buy alchohol at any age (doesnt matter to me anymore) etc. The senseless laws like mandatory seatbelts in developed countries are propping up there too, but are not enforced. On that note, I wonder who came up with the seatbelt law.... While they're at it, they should put a cap on how many times a week I can go to McDonalds. That stuff kills too... And so does smoking, drinking excessively, insomnia and sharks to name a few. There should be laws in place to protect us from these as well. It sucks to come to a realization that I'm not in complete control of my life. Can't even legally kill myself. I'm done ranting now...

With the US cracking down on off-shore accounts, and forcing governments to reveal names, it would be much harder to evade taxes now. The penalties are very strict. Just not worth it.
  • #25
  • Aug 2, 2009 6:26am Aug 2, 2009 6:26am
This a good reason for me!
Please give me some PIPS
  • #26
  • Aug 2, 2009 6:16pm Aug 2, 2009 6:16pm
Quoting qweabc
India. I can also smoke a joint walking down a busy street, buy alchohol at any age (doesnt matter to me anymore) etc.

Yeah, probably if you look like an Indian, no problem. If you look like a rich American or European the law would be on you like flies on shit. Pretty much anywhere you go in the brown-skinned world, if you are white, that white skin signifies Opportunity to them that don't got it.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #27
  • Aug 27, 2009 7:36pm Aug 27, 2009 7:36pm
Since I have become an ace fx trader (jk) I have been looking into rolling a SEP-IRA I have (E-Trade) nto a self-directed IRA wherein I can do fx and futures trading, real estate investment, etc.

Do any of you do your trading from an IRA? I'd like to hear about your experience if you do.

Link following describes self-directed IRA details...


http://en.wikipedia.org/wiki/Self-Directed_IRA
"If The Fool persists in his Folly he will become wise." - William Blake
  • #28
  • Last Post: Apr 14, 2015 9:50pm Apr 14, 2015 9:50pm
Quoting pip pirate 2
Next you don't need to set up any type of business organization, whether S, C corp, LLC, or partnership until you are making $10k a year or more, in my opinion. It doesn't make sense to pay annual fees to the state for the corp, and pay a CPA to do your corp and forex taxes (CPA's charge big bucks, like over $700 to do fx taxes), when you aren't making that much money. In my state, CA, a general partnership is the easiest after it is set up for tax purposes. Once you do set one up, your risk of being audited are around 0.4%, compared to 3-4% as...
im just fairly new to forex last few years and have dabbled a bit im in california also so your saying if your not making 10 grand a year or more its not worth screwing with any type of protection or setup? any info would be appreciated
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