I'm looking to open another account, but one that is not attached to my social security number. I looked at one company to open a business account but they still wanted my social security number. I want to keep my personal income taxes separate from my taxes from trading. (and also keep money in that account hidden from "prying eyes") if you know what I mean. Does anyone know of a retail firm that will open an account without your social security number and just let you use a tax identification number instead?
Uh, the only way to separate your trading taxes is to go with a C Corp structure, which also means you'll be paying a second layer of taxes in addition to your normal obligation. Otherwise, if you form a LLC/LP (and pay according state fees), then request a TIN, any broker will let you open a "business" account. You'll still want to pass thru profits and file as part of your personal 1040s. Trying to outsmart the IRS is a one-way ticket to prison.
I'm not trying to outsmart the IRS. Trying to outsmart other prying eyes from my business. I actually wouldn't mind getting the double tax with the C-corp if it means keeping my social security hidden. The double tax wouldnt bother me because I dont plan to make any withdrawals from that account until retirement.
Any account you open in the US, will require information on you. If the account is in an LLC or S-corp, the entity must give trading rights to you. The person with trading rights will be required to identify themselves. They will ask for your SS# and other ID. BTW, if your current business is a regulated business, your required to tell then. If not, why would they ever need to know if you have a trading account?
in 87,first options corp had a trader with under 3 mil in his acct,he was an LLC ,he lost 50 mil in the crash,and FOC had to eat the 47+ mil,from their(clearing corp) standpoint,it's not wise to let someone open an acct that they can't find,something to think about
So how about opening an account in europe? I'm guessing they do not ask for a social security number. Any europeans on here that can tell me what information they require to open an account in europe to trade stocks in the US?
I have dual citizenship in ireland(with irish passport) and lots of family there. Getting an overseas address to use is not a problem.
It's not a good idea to do it for the reasons you have. You will have to lie about your residence on the form used to open the account. It asks for your residence, not for "an address." U.S. residents have to file a yearly report of foreign accounts: http://www.irs.gov/businesses/small/article/0,,id=210244,00.html There are heavy penalties for not filing it. When they come after you, it will probably look like tax evasion if you lied on the form used to open the account. Also if you claim to be a resident of Ireland, then you would have to file Irish taxes or their tax authorities would come after you. There are reasons to open a foreign account but hiding from the IRS is not one of them.