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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (456)1/15/1998 2:27:00 AM
From: Pierre  Read Replies (1) of 5810
 
Thanks for the reply. I misspoke when I said no employees. I am an employee so my corporation has one employee and I of course receive wages. I was a C corp until the ability to defer income was eliminated.

I find myself spending an increasing proportion of my time investing and day trading. It may become my primary activity. I was hoping that by keeping it within the corporation I could effectively write off various investing expenses without having to achieve "trader" status - yet I want to avoid paying FICA on any profits from that activity.

The last thing I want to do is turn trading profits into wages. From your reply I get the impression that I'm taking a "technical" position that could red flag my return and result in the IRS deeming the profits wages. Not good at all.

Thanks again. Great thread.

Pierre

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