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Any US currency traders do your own taxes? I have a question 3 replies

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  • #21
  • Mar 1, 2015 9:06pm Mar 1, 2015 9:06pm
Quoting Seneca pilot
Get a GOOD tax attorney who is familiar with trading. In the US you are taxed at 60% capital gain rate and 40% normal income rate. You are also allowed to carry forward losses from previous years if they exceeded your gains for the same period. You may need to file amended returns for previous years to reduce your debt. Don't skimp. Pay a good tax person to help you fix this.
Capital gains is NOT 60%....the absolute highest is 39.6%
  • #22
  • Mar 1, 2015 9:06pm Mar 1, 2015 9:06pm
Quoting bigwal
Poundtrader, Be safe and protect yourself, along with any assets you hold. Warren
time to pack my shit and head offshore
  • #23
  • Mar 1, 2015 9:08pm Mar 1, 2015 9:08pm
im going thru these guys http://greencompany.com/
  • #24
  • Mar 1, 2015 9:09pm Mar 1, 2015 9:09pm
Quoting dkrock
Open a savings account at your bank to store tax payments in. Hopefully you have online banking, so funds transfers are easy. I built a formula on excel for how much money goes where on each withdrawal. I only use 50% of a withdrawal for personal use. 10% goes to charity, 27.84% goes to Obama and the remaining 12.16% goes to my savings. For the IRS, I multiply the spending amount by 0.5568 and then move that amount to the tax account. If you keep more for spending, then multiply the withdrawal by 0.2784. If you pay state tax, add that number to...
Mind sharing the excel?

Quoting PoundTrader
{quote}time to pack my shit and head offshore
Hong Kong has no capital gains tax.

But you die early from smog.
  • #25
  • Mar 1, 2015 9:09pm Mar 1, 2015 9:09pm
Quoting myelbow4
Use an offshore bank account
the amount of money i spend in the u.s.a. they would know something up also you must claim your offshore bank account if you have one if not it could lead to prison
  • #26
  • Mar 1, 2015 9:11pm Mar 1, 2015 9:11pm
Quoting Pharm0r
{quote} Capital gains is NOT 60%....the absolute highest is 39.6%
True, but that's still a lot of money / percentage
  • #27
  • Mar 1, 2015 9:13pm Mar 1, 2015 9:13pm
Inserted Video
  • #28
  • Edited 9:36pm Mar 1, 2015 9:24pm | Edited 9:36pm
good stuff http://www.adp.com/tools-and-resourc...alculator.aspx
  • #29
  • Mar 1, 2015 9:24pm Mar 1, 2015 9:24pm
Quoting Pharm0r
{quote} Capital gains is NOT 60%....the absolute highest is 39.6%
He means that 60% of the income is taxed at the capital gains rate and 40% of the income is taxed at the normal income rate NOT 60% tax rate and 40% tax rate.

GREEN pips to one and all.
  • #30
  • Mar 1, 2015 9:46pm Mar 1, 2015 9:46pm
PoundTrader, I didn't get it (about before 2010 period). Why are they charging you if you did'n have income those years? How can you owe them %s if you didn't gain any money?
  • #31
  • Mar 1, 2015 10:34pm Mar 1, 2015 10:34pm
Quoting Zag
PoundTrader, I didn't get it (about before 2010 period). Why are they charging you if you did'n have income those years? How can you owe them %s if you didn't gain any money?
2010 till now i made over a mill and went on a spending spree forgot all about taxes.
  • #32
  • Mar 1, 2015 11:26pm Mar 1, 2015 11:26pm
If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty.

The failure-to-file penalty is generally more than the failure-to-pay penalty. So if you cannot pay all the taxes you owe, you should still file your tax return on time and pay as much as you can, then explore other payment options. The IRS will work with you.

The penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25 percent of your unpaid taxes.

If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.

If you do not pay your taxes by the due date, you will generally have to pay a failure-to-pay penalty of of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. This penalty can be as much as 25 percent of your unpaid taxes.

If you request an extension of time to file by the tax deadline and you paid at least 90 percent of your actual tax liability by the original due date, you will not face a failure-to-pay penalty if the remaining balance is paid by the extended due date.

If both the failure-to-file penalty and the failure-to-pay penalty apply in any month, the 5 percent failure-to-file penalty is reduced by the failure-to-pay penalty. However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.

You will not have to pay a failure-to-file or failure-to-pay penalty if you can show that you failed to file or pay on time because of reasonable cause and not because of willful neglect.
  • #33
  • Mar 1, 2015 11:42pm Mar 1, 2015 11:42pm
Quoting PoundTrader
{quote}2010 till now i made over a mill and went on a spending spree forgot all about taxes.
oh, now I see.... I thought it was about your start =))
I would show them all my records about developing my trading and prove it's natural to forget starting the payment living without doing it so long! Hope it'll help at least a little.

Take care and good luck in proving reasonable cause!
  • #34
  • Mar 1, 2015 11:43pm Mar 1, 2015 11:43pm
Quoting SmoothTrader
{quote} He means that 60% of the income is taxed at the capital gains rate and 40% of the income is taxed at the normal income rate NOT 60% tax rate and 40% tax rate. GREEN pips to one and all.


Quoting PoundTrader
{quote}2010 till now i made over a mill and went on a spending spree forgot all about taxes.
You'll be fine- just be honest.

There's people with millions of back taxes. They don't gain anything by bankrupting you or putting you in jail. The IRS is a business, you're more likely to pay the taxes out of jail. Just continue on with life. You should be able to handle those taxes by trading if you were able to make that much over 5 years. If not, get an extra job and pay it down.

Good luck buddy, it's annoying, but you'll be fine, a lawyer is recommended obviously
  • #35
  • Edited 4:13am Mar 2, 2015 3:52am | Edited 4:13am
Quoting Pharm0r
{quote} {quote} You'll be fine- just be honest. There's people with millions of back taxes. They don't gain anything by bankrupting you or putting you in jail. The IRS is a business, you're more likely to pay the taxes out of jail. Just continue on with life. You should be able to handle those taxes by trading if you were able to make that much over 5 years. If not, get an extra job and pay it down. Good luck buddy, it's annoying, but you'll be fine, a lawyer is recommended obviously
thank you, i must say i haven't work since 2009 don't know if i can get back into the workforce but i know what you mean.
  • #36
  • Mar 2, 2015 3:53am Mar 2, 2015 3:53am
Quoting Zag
{quote} oh, now I see.... I thought it was about your start =)) I would show them all my records about developing my trading and prove it's natural to forget starting the payment living without doing it so long! Hope it'll help at least a little. Take care and good luck in proving reasonable cause!
http://www.easyfreesmileys.com/smile...mileys-211.gif
  • #37
  • Mar 2, 2015 4:24am Mar 2, 2015 4:24am
Quoting PoundTrader
{quote}{image}
CONFUSCIOUS HE SAYS - and he wise man for sure

HE who flys under radar no get caught very often and he who Flys above radar always get caught eventually ..
  • #38
  • Mar 2, 2015 5:28am Mar 2, 2015 5:28am
Quoting Spudforex
{quote} CONFUSCIOUS HE SAYS - and he wise man for sure HE who flys under radar no get caught very often and he who Flys above radar always get caught eventually ..
how about just pay your taxes and fly any way you want
  • #39
  • Mar 2, 2015 8:40am Mar 2, 2015 8:40am
Would it be hard for you to move somewhere else? If you can really make money from your trading alone then you should be able to do it from anywhere. I would choose a relatively cheap place with low taxes
  • #40
  • Mar 2, 2015 9:36am Mar 2, 2015 9:36am
how the heck did you make over a million dollars, thats what we realy wana know
I am what Many Dream to be but only a few can achieve, im a part of the 1%
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