Do I really need an S-Corp?. Please help. I do day trading about 2 times a week, 8 trades a month. I recently opened a trading Account under my S-corp.
I want to achieve the following.Is an S-Corp the right business structure for me?
1.) I want to pay myself monthly from the Profits from Trading( Capital gains).
2.) I want to deduct all Business expenses incurred for Trading like Internet Usage Fee, Cell Phone, Laptop etcetc.
I am thinking I will not qualify under IRS definition of "Securities Trading Business"as the vol of trades is only 8 a month and trading is NOT my primary job.
Can deductions be taken if the S-Corp only has Capital gains as the only money coming in?. |