Income Taxes and Record Keeping ( tax ) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Candle stick who wrote (71)	10/7/1997 11:39:00 PM
From: Box-By-The-Riviera™	of 5810

If you file as a trader....it is my understanding.....your gains will become schedule c income....which means self-employed.... you can deduct more of your expenses against your trades as business deductions vs. schedule A limitations.... but you will also pay 15% soc sec, medicaid etc....... half of the SS can be credited against income taxes later in the process.... so it takes some math to figure out the benefits...and depends a whole lot on your level of profits, tax bracket etc.... I don't know when you have to declare trader status...meaning, should the SS taxes etc be paid qtrly....in which case you would have penalties.... Joel

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next