Day Trading Taxes can be quite a tricky situation. Secondly, let me tell you that this article is for taxes in the United States. If any of you have detailed information about taxes for day traders in other countries please contact me via my contact page so I can update this post with that information.

First off, we always want to be above board with the IRS. In court we are innocent until proven guilty, with the IRS we are guilty until proven innocent. No matter where I go or what I do, I always make sure to stay above board with the IRS. If you are going to take that kind of responsibility then you need to make sure you setup an LLC to protect yourself.

Benefits Abound For Active Traders Who Incorporate

The best business structure for a day trader is an S-corp. An S-corp is just an extension of yourself, only in a business form, your technically still considered self employed.

Being an S-corp, your wife can be paid for cleaning the hou…. You can spread the money via whoever you want to in order to spread the money around to bring down your tax rate. Incorporating In Another Country.

Although it may be suspicious to the IRS, it is not illegal to own a company overseas or a have another company pay you that is based in another country.

Yes, chewing gum is illegal in Singapore. Singapore has never had bank failure, ever. There are banks where you can keep your money in any currency that you choose. I am currently working on the details of this option, stay tuned for details. Saving 95, on your day trading taxes. And guess who lives overseas and never comes back to the United States? Traveling is expensive you know.

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Want to be close to home? Nuances for taxes for day traders. One very unique that we can do with NinjaTrader and other day trading platforms is trade with more than one account. This is something very unique for older traders, imagine trading your own account for income while you day trade your very own tax free retirement account via a Roth IRA? You can setup more than one account or even trade certain accounts on certain days to save for your retirement and even a college kids fund.

The more responsible thing would be to spend your money on traveling around the world like me. If so, please join over 50, people who receive exclusive weekly day trading and investing tips, and get a FREE COPY of our guide to day trading, to realize the 3 Secrets to becoming a successful trader. Click the red button below! Hi Marcello, I am loving your posts. Here is a 10 min video that is quiet interesting.

I love the image of singapore…looks like a nice place…unfortunately I love my Bubble gum too much: What a brilliant summary of all the tax advantages to be had for day traders. I like the s-corp part about paying for administrative assistant who you can trust.

I wonder if there have been any updates since you originally wrote this past as I know the public does not like day traders and maybe the new tax reform will change these benefits you mentioned.

In your quest to find the most ideal locations around the world, where you can set up a trading center AND have high speed internet AND enjoy all the goodies life has to offer……have you ever thought about Dubai?!! I grew up in the UAE so I know about the infrastructure there, it is world class and the best thing is…..

The time difference makes it ideal to trade London and NY markets London opens at local time 12noon and NY opens at local time pm. And of course, any long weekend means you can jet off to Singapore or Thailand: Now you got me excited….

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I would not say that high speed internet is a requirement Ferdous…. Dubai is a location that we have been investigating but have chosen to focus on other markets like India and Colombia first. There is tremendous interest in both those countries. Dubai would be during the second phase of our trading center expansion. We do permit any instructors to not teach unless they are trading live consistently and also try to ensure that the quality of the program is of the highest caliber.

That is why we are focusing on just one center at a time. Let me get this straight…. Things are a bit more technical than just that but speak to your accountant about the foreign income tax exclusion and the foreign housing deduction as well. Your email address will not be published.

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Taxes For Day Traders: By Marcello Arrambide December 4, First off, we always want to be above board with the IRS In court we are innocent until proven guilty, with the IRS we are guilty until proven innocent.

Picture of Singapore to Wet Your Whistle. Like What You've Read? December 5, at 2: December 5, at 3: Do we have to pay income tax?

March 2, at 2: June 21, at 9: May 24, at 9: Hi Marcello, In your quest to find the most ideal locations around the world, where you can set up a trading center AND have high speed internet AND enjoy all the goodies life has to offer……have you ever thought about Dubai?!! May 24, at July 31, at 2: August 8, at 9: Post a Comment Cancel Comment Your email address will not be published.

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Day Trading Academy Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor.

An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.