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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Street Walker who wrote (261)1/15/1998 12:23:00 PM
From: Scott Pedigo  Read Replies (1) of 2120
 
Regarding tax planning for traders: how about using an IRA brokerage
account? No taxes, at least until much later. Maybe no taxes at all
if the IRA account is switched over to one of the new types by the
end of 1998, where the money deposited is not taken as a deduction.
OK, if you never started an IRA, you can only deposit $2000 per year,
but rollovers from company pensions plans are possible, and with the
way people change jobs nowadays, I'd think a lot of money could be
accumulated in one. I've got over $40K to play with. Downside: you
can't trade options, can't buy on the margin, and can't really short.
You also can't just transfer in money to cover losses. But it sure
cuts down on the paperwork.
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