Enhancing Profits Through Incorporating Message Board

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Non-Tech : Enhancing Profits Through Incorporating

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To: SE who wrote (40)	3/23/1997 1:34:00 AM
From: Bonnie Bear	of 88

Scott: thank you for your thoughtful and informative post. I've looked at this issue and came up with the usual endless ambiguities of the IRS Tax Code. From what I've found, a person qualifies as a trader if they do their own trading, trade a lot, and DO NOT hold anything over from one year to the next, and have the majority of profits made on short-term swings in the market. It is not clear to me if the IRS requires that the person have a Series 7 to qualify for trader status, (one source said yes). My interest in setting up trading as a business is the tax shelter it provides for retirement plans: I can contribute up to $30,000 a year or 20% of net earnings into a defined contribution plan that I can then trade to my heart's delight * without having to pay capital gains taxes** until old age sets in. And, this contribution is in addition to whatever goes into a 401K from my day job. More info on how to go about a business entity that allows this feature is greatly appreciated!

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