Protecting proceeds from taxes

Discussion in 'Taxes and Accounting' started by waltbx, Dec 17, 2011.

  1. waltbx


    I'm wanting to avoid paying 35% on my trading income. I'm reading advice on forming LLC, "S" or moving to some island. I want something simple and maybe give me some flexibility in the future, but certainly don't want to unnecessarily give up 1/3 of my income to taxes.

    I'm recently retired, now 65, collecting SS.

    I have carry-forward trading losses from previous years.

    I am successful in options trading and will be reporting income on those trades for tax year 2011, and expect that to grow in future years.

    I have very limited other income, less than $5000.

    Can I do something at this late date to save tax money for 2011?
    Suggestions on what to do for the future?

  2. You are american? Forget it. Americans are uspposed to pay income taxes on worldwide income even when not living in the US. Bad news - return your passport and move for example to Belize.

    Backward? Nope. Talk to a tax advisor. Now.