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Hello Traders,
The problem below is not unusual. There are professionals
who have studied the solutions. Most CPA's will not
realize the opportunities that are available for reducing taxes
on trading income. Actually most CPA's will highly discourage
anything that is not plain and simple..
I was recently at a seminar provided by
http://www.tradersaccounting.com/
If you haven't set up a tax-sheltered structure for
your trading, I highly recommend you contact them.
There is still time to take advantage of a "procrastinator's"
strategy, before year-end. You could save a bunch of taxes
just by structuring things correctly before year-end.
The person who presented the seminar was Jim Crimmins at
1-800-938-9513 ext 205. Give him a call, he's easy to talk to.
I'm not employed by them, just been to their seminar which
was in the afternoon after I presented one of my own seminars.
I'm not a tax expert, best to call them directly.
Best wishes,
-Neal.
At 12:30 PM 12/8/00 -0700, Gary Fritz wrote:
>We went in for our annual "what's the damage" meeting with our CPA
>yesterday, and it wasn't pretty. What surprised me the most was the
>tax rate on my trading profits.
>
>The CPA showed us two cases, with and without my trading. He knows
>about and used the 60/40 split on futures trading profits. In spite
>of that, the taxes on my profits amounted to almost 37%!! That
>includes state taxes, but the state tax rate is no more than 5%.
>
>I'm having trouble finding what the long/short term rates SHOULD be,
>but according to http://www.irs.gov/prod/tax_edu/teletax/tc409.html
>and page 61 of form 550 (http://ftp.fedworld.gov/pub/irs-
>pdf/p550.pdf) the "highest tax rate on a net capital gain is
>generally 20%." We're in a high bracket but I thought 20% was still
>the max for cap gains.
>
>Can somebody shed some light on this? What tax rate should I expect
>on my profits?
>
>Thanks,
>Gary
>
>
>
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>realtraders-unsubscribe@xxxxxxxxxxx
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