Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-26-2017, 10:25 PM
Junior Member
 
Join Date: Feb 2017
Posts: 1
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!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-27-2017, 02:36 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Cost basis for stocks inherited from an individual through a Residuary Trust dwgoodgroup Capital Gains 0 02-20-2015 06:50 AM
Stock Trading Loss in Individual Account reflected in S-Corp [email protected] S-Corporation 0 11-24-2014 01:46 PM
Who is considered an "eligible individual" for Health Savings Account? TaxGuru Medical 0 10-26-2009 12:38 AM
What is the minimum withdrawn out of an individual’s IRA account at Age 70 1/2? TaxGuru IRA/Sep 0 09-09-2008 10:38 PM
tax ramifications of trading-in joseph Auto Expenses 0 12-16-2007 01:55 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.