Great advice from someone who knows nothing about trading. Isn't an llc a pass through entity...isn't he trying to avoid both assets and income? As for the newbie....understand this. You have means to take care of yourself and pay your own way. But you are trying to buck the system by deliberately concealing both your assets and income so that you may qualify for special government programs that you would otherwise not qualify for. You don't see a problem with this? Who do you think pays for your special treatment? It isn't coolweb...he's smothered in CC debt to the tune of 300k(he does have a ton of money in the bank though collecing 2%)? It's people like me who pay 44% or more of all my work to take care of a dishonest schmuck like you! (Those low interest loans have an interest rate differential between that is subsidized by US taxpayers, FYI) Congrats on your eager acceptance of the wellfare wagon....what's next food stamps? Qualify for WIC? Most good schools have an honor code, I wonder how you will fair at these instituions when it is clear to me that you have no honor!
mschey Are you really a dick in real life too? Do you report all yout income to the IRS or do you take your deductions as ALLOWED by all the lawas and loopholes in the tax codes for the accountants who knwo what they are doing. OOPS! i forgot the part that your paying 44%...i suggest getting a little more educated on what you can do to save your money instead of donating to the IRS
I am an honest person...and excuse me If I am shocked that someone comes on here asking for advice on how to hide both assets and income to qualify for assistance and no one seems to give a shit. Guess what, I do! Hey einstein, have you realized they are sending people to jail for tax evasion these days, and since I can't afford to buy a pardon, I choose to claim ALL of my income, even though it hurts to write that check, I do it anyway. Why don't you go back to trading your demo account at that bucket shop. Perhaps one day, when you are earning pretty good money, you might change your mind about the welfare state.
You can always tell the wanna-bes from the real thing. Please tell us, if you're a real trader, how you avoid reporting when all your income is w2, 1099 or k1 related, which is all reported anyways. Not like legitimate trading is some candy shop with cash. Secondly, the kid is hiding asetts to get, and this is important so read slowly, NEED-BASED AID.
Well, I'm glad I'm not the only one that thinks mschey has less than desirable people skills. It's too bad there's people like him on this board as ET could be so much more useful. When you get people like mschey it just reminds you why you don't visit this board often. mschey - I understand and respect that you are entitled to your opinion, as am I. In a typical adult setting, your comments and demeanor would not be acceptable but since this is a forum on the internet, you can act like an ass and hide behind your screen. If you act like this in your normal dealings with humans, I would venture to say that other people do everything possible to avoid having to contact you. Perhaps you should take a debate class or how to deal with other humans 101. Maybe you and Absolute (the starter of this thread about college) can take some classes together!
If he's hiding assets.....then apparently he doesn't NEED that cash! No matter how you put it, Fraud is Fraud! It's wrong. Jeesh, I am sorry if I have hurt your feelings on this thread, I am one who believes that character counts. I will speak out against it, and If you or anyone else doesn't like what I have to say, I could care less. As for the legitimacy of my trading....well perhaps you should use that little search button up there in the right corner...and you judge for yourself. I am done here! I'll give you the last word.
I wasnt addressing my comments to you. I also think character is key, especially if you want to be a trader. JP Morgan once said that unless he trusted someone, he wouldnt lend them a dime, even if he had all sorts of bonds and stocks. Same idea.
MS, you really need to read the above statement. Nothing being proposed in this thread is illegal, unethical, or uncommon. It sounds like you are a fearful trader, since you said you wil pay your 44% so you don't have to be worried about tax issues. Maybe to make it clear for you, it is VERY similar to going to a store and buying something on sale. You, however, don't want to take the discount because you think it is dishonorable or whatever! this really makes me curious about your trading success. Keeping good tax records and saving as much as you can is a form of good money management.
Switching assetts to another person to qualify for a loan/aid is also called 'parking', unless you pay gift taxes, its clearly illegal, violates the trust of those giving the aid and circumvents rules that allows aid to go to help those who really need it. The slap in the face to decent, honest folks is that the kid, after hiding assetts, wants to trade his cash to make money. So far, hes looking at tax evasion, and lying to get a loan. If you think this is OK, you need to re-think a bit.