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Old 02-26-2017, 10:25 PM
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Exclamation Trading stocks individual account

I have started to trade stocks actively. I was thinking about setting up an S-corp or LLC and trade stocks under the name of that corporation to get expenses deduction benefits. I found out that my broker allows only individual trading accounts. Will I have to list all the gains as ordinary income while filing taxes or is there a way of getting some deductions? Thanks!



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Old 02-27-2017, 02:36 AM
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Originally Posted by ripgavin View Post
I have started to trade stocks actively. I was thinking about setting up an S-corp or LLC and trade stocks under the name of that corporation to get expenses deduction benefits. I found out that my broker allows only individual trading accounts. Will I have to list all the gains as ordinary income while filing taxes or is there a way of getting some deductions? Thanks!
in general,.With a management company, an S-Corp election is good for reducing self-employment (SE) tax or payroll tax. An LLC filing a partnership tax return passes through self-employment income (SEI) to its owners ? triggering SE tax ? whereas an LLC with an S-Corp election does not. you can contact a tax pro , an Enrolled Agent or a CPA doing biz in your local area for professional help



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