Get a job?

Discussion in 'Trading' started by Little Nickey, May 21, 2001.

  1. Little Nicky

    I actually have quite a few corporations I own in Nevada for tax purposes. I make a nice living off my trading but didn't reply to this thread originally because I make money in other areas of my life. (reduce pressure so I can trade only when the odds are right)

    Here is the link to one of the firms I'm with.

    I take this to a different level than most. I live in Nevada. ( I have rent checks, a drivers license, registered car, some reciepts which is enough for the goverment to prove I live there. but-- I reside/ live in San Diego) so I don't pay state taxes, no corporate taxes, reduced liability, lower insurance, amoung a few things.

    #11     May 23, 2001
  2. PKJR



    I think Florida has also no state taxes.. but could you comment on corporate taxes.. do you mean federal taxes? I know you pay Federal regardless of location..

    #12     May 23, 2001
  3. I'll give you a clue. Where does Nevada get the majority of it's money from?

    That's why the reduction in taxes. It has a huge source of income constantly.

    My corporation pays no taxes to the state as it is a seperate unit from me. Other states charge corporations taxes. I pay no state taxes as am employee of the corporation.

    I do pay federal there is no way of getting out of it, plus as a human I should pay some taxes. I just want to pay a fair share, not a major portion of my income.
    #13     May 23, 2001
  4. rtharp

    Can this protect you from a law suit?

    Just curious,
    #14     May 23, 2001
  5. mgregor



    You should first concentrate on becoming a profitable trader, then spend time and money trying to save taxes.

    #15     May 23, 2001
  6. mgregor

    Respectively, I realize that, but I am mentally trying to establish a long term goal. Plus, its really intresting! I love talking and reading about this kind of stuff.
    #16     May 23, 2001
  7. Our buddy is right concentrate on trading. Yes there is a lot of lawsuit protection for me. My corporation can still be sued but they way I've got it structured it isn't that easy.

    Become a profitable trader first, than work on keeping more of what you have.

    #17     May 23, 2001
  8. Thanks for the advice guys. I will keep focused.
    #18     May 24, 2001