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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: GT who wrote (358)6/23/1998 2:11:00 PM
From: WallStBum  Read Replies (2) of 1383
 
Gorcon -

No SE on capital gains. Suggested readings Ted Tesser's Trader's Tax Survival Guide. As a CPA and trader, I found this book very informative on this subject and many other tax tips, etc. You can order it online through Barnes and Noble. Search for it at barnesandnoble.com . Also, to see what others think of it try a general search on SI to see what others say.

Colin may have other suggested readings or he may like this book too.

BTW- I understand your frustration with S.E. tax, but remember that theoretically the tax is the equivalent of FICA/Social Security with the presumption that you leave no money in your business and payout 100% of your earnings as "salary". People forget that their employer also pays 7.65% on salary paid as well as you paying 7.65% for a total of 15.3%. The SE tax even builds in the deduction of the payroll tax expense that an employer would get. I know that doesn't help, but that's the rules.

The day we move to a system where ALL taxes including FICA are sent in to gov't monthly just like your mortgage payment and withholding is done away with - that will be a great day. Because then we'll all realize that the enormous tax burdon, not just s.e. tax, is a crime against Americans.
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