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Langben wrote:
>
> If the IRS says trader income is capital gain or Loss
> and if capital gain income is not subject to self employment tax,
> how can your accountant justify paying self employment tax.
I am not giving advice to your situation or anyone else's situation. I
certainly am not a tax advisor and so I hire the very best tax lawyer
I can find. I have been audited many times and I have always done
quite well with the IRS. And my tax lawyer is known as extremely
aggressive.
I trade for a living. In that sense, I run a business. I am not an
investor. My lawyer tells me it is necessary for me to play
self-employment tax, and so I pay it. On the other hand, I am able to
trade commodities in my pension trust account, which most tax lawyers
would say is impossible. So I am quite content with the advice I get
from my tax lawyer. If you wish to practice tax law, I am sure there
will be people that will come see you about filing their taxes.
Personally, I have a tax lawyer. If you would like his name and
number, I believe he will take you as a client for next year. I won't
spam the list with his name or number. And I won't justify his
judgments on my behalf, since I pay him and trust him for his
expertise.
Tim Morge
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