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

Claiming your trading losses on Taxes 6 replies

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  • #41
  • Mar 2, 2015 7:40am Mar 2, 2015 7:40am
Quoting PoundTrader
{quote}how about just pay your taxes and fly any way you want
I do ..

but the real question is can u continue with your system not focusing on what u owe but more importantly can u continue to making profit if yes then cool .. they say u learn as much about trading as u do yourself when u start to make the bucks.. cool and i know ur gonna be fine - broad shoulders ..
  • #42
  • Mar 2, 2015 8:30am Mar 2, 2015 8:30am
Quoting Pharm0r
{quote} Capital gains is NOT 60%....the absolute highest is 39.6%
I didn't say capital gains is 60%. I said 60% of your income is taxed at the capital gains rate and 40% is taxed at the regular income rate. Futhermore you are not required to log each trade separately as you are with equities trading. Reporting taxes on futures and forex trading in the US is actually rather simple.
  • #43
  • Mar 2, 2015 8:33am Mar 2, 2015 8:33am
Quoting Pharm0r
{quote} Capital gains is NOT 60%....the absolute highest is 39.6%
don't forget state capital gain taxes. Ha, after all the taxes you left with shit....
Trade what you see, not what you think!
  • #44
  • Mar 2, 2015 8:38am Mar 2, 2015 8:38am
Quoting OMGtrader
{quote} don't forget state capital gain taxes. Ha, after all the taxes you left with shit....
THIS. Fucking America man.

My apologies Seneca, I misread
  • #45
  • Mar 2, 2015 9:07am Mar 2, 2015 9:07am
Quoting OMGtrader
{quote} don't forget state capital gain taxes. Ha, after all the taxes you left with shit....
oh after state taxes you lucky to make 45% of your hard earn money, just think you make 100k and after fed and state take there taxes your left with 45k so that 100k you made don't look so good now do it
  • #46
  • Mar 2, 2015 9:08am Mar 2, 2015 9:08am
Quoting Spudforex
{quote} I do .. but the real question is can u continue with your system not focusing on what u owe but more importantly can u continue to making profit if yes then cool .. they say u learn as much about trading as u do yourself when u start to make the bucks.. cool and i know ur gonna be fine - broad shoulders ..
  • #47
  • Mar 2, 2015 9:11am Mar 2, 2015 9:11am
Ambition in America is still rewarded . . . with high taxes.

source: http://www.jokes4us.com/miscellaneou...nersjokes.html
  • #48
  • Mar 2, 2015 11:16am Mar 2, 2015 11:16am
Quoting PoundTrader
{quote}oh after state taxes you lucky to make 45% of your hard earn money, just think you make 100k and after fed and state take there taxes your left with 45k so that 100k you made don't look so good now do it
unless you live in an tax free state, time to move to Florida.. ha
Trade what you see, not what you think!
  • #49
  • Mar 2, 2015 11:39am Mar 2, 2015 11:39am
Quoting OMGtrader
{quote} unless you live in an tax free state, time to move to Florida.. ha
sink hole florida, il pass
  • #50
  • Mar 19, 2015 2:26pm Mar 19, 2015 2:26pm
just got back from court look like im gonna have to sell the house and move into apartment, after every thing is paid this is gonna leave me with 70k to live off of witch im gonna have to use some for trading so i can continue to live, sad day for me
  • #51
  • Mar 25, 2015 2:06am Mar 25, 2015 2:06am
[quote=Pharm0r;8104723]{quote} Mind sharing the excel? {quote}

Made one from scratch. Notes inside it to adjust to your preferences. Attached.
Attached File(s)
File Type: xlsx withdrawal calculator.xlsx   9 KB | 406 downloads
You cannot be extraordinary by being normal
  • #52
  • Apr 9, 2015 5:00am Apr 9, 2015 5:00am
Quoting Seneca pilot
{quote} I didn't say capital gains is 60%. I said 60% of your income is taxed at the capital gains rate and 40% is taxed at the regular income rate. Futhermore you are not required to log each trade separately as you are with equities trading. Reporting taxes on futures and forex trading in the US is actually rather simple.
I will need to plan a little better going forward, maxing out IRA contributions (the annual max, frankly, isn't very much) and looking at increasing charitable contributions to offset the onerous tax regime. I would prefer giving my money to a decent charity (preferably one that makes a local impact -- food pantry, homeless shelter, etc.) than to the state and federal governments, to be honest.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #53
  • Apr 11, 2015 9:02am Apr 11, 2015 9:02am
Quoting ZebraSquirl
{quote} I will need to plan a little better going forward, maxing out IRA contributions (the annual max, frankly, isn't very much) and looking at increasing charitable contributions to offset the onerous tax regime. I would prefer giving my money to a decent charity (preferably one that makes a local impact -- food pantry, homeless shelter, etc.) than to the state and federal governments, to be honest.
  • #54
  • Apr 13, 2015 8:59am Apr 13, 2015 8:59am
let me ask anyone of you this question im basically just farting around small amount of money im with fxcm now lets say i make 10,000 this year but i dont touch it and leave it in the account they setup for me i dont have to pay taxes on that correct? just if i were to take it out is that right?
  • #55
  • Apr 14, 2015 6:51am Apr 14, 2015 6:51am
Quoting rockinrich
let me ask anyone of you this question im basically just farting around small amount of money im with fxcm now lets say i make 10,000 this year but i dont touch it and leave it in the account they setup for me i dont have to pay taxes on that correct? just if i were to take it out is that right?
http://www.irs.gov/taxtopics/tc429.html

http://greencompany.com/
  • #56
  • Apr 14, 2015 10:28am Apr 14, 2015 10:28am
thanks poundtrader ill check into that hope all goes well with your situation
  • #57
  • Jun 27, 2015 1:04pm Jun 27, 2015 1:04pm
Has anyone evaluated setting up an off shore company and then paying yourself a salary from trading gains as an employee? Taxes are then paid on the salary and everything else is done through the corporate accounts and off shore bank., legally. Is that a better tax structure? I've heard of others doing this but I don't know if it really make sense.
  • #58
  • Jun 29, 2015 9:14am Jun 29, 2015 9:14am
Quoting nonlinear
Has anyone evaluated setting up an off shore company and then paying yourself a salary from trading gains as an employee? Taxes are then paid on the salary and everything else is done through the corporate accounts and off shore bank., legally. Is that a better tax structure? I've heard of others doing this but I don't know if it really make sense.
yes i have but can't talk in public
  • #59
  • Jul 24, 2015 8:36pm Jul 24, 2015 8:36pm
Quoting PoundTrader
{quote}yes i have but can't talk in public
How are you getting along PoundTrader?
  • #60
  • Jul 25, 2015 5:37am Jul 25, 2015 5:37am
Quoting Pharm0r
{quote} How are you getting along PoundTrader?
will strike deal on july-28 2015, be back trading live jan 2016
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