Will I Pay Lower Taxes if I Incorporate?
Full Question:
I have been a equities day trader for over a year now and I was told that I should trade under a corporation. I trade with my own capital. Is it better for taxes to claim 'trader status' under me personally or should I incorporate? If incorporate which one is best for me?
11/04/2009 |
Category: Taxes |
State: Louisiana |
#19464
Answer:
The answer will depend on all the circumstances in your situation, such as your income level and tax bracket. I suggest you consult a local tax professional who can review all the documents and facts involved.
Please see the information at the following links to determine applicability:
http://www.irs.gov/taxtopics/tc429.html
http://www.irs.gov/businesses/small/article/0,,id=98966,00.html
