Retail and Taxes

Discussion in 'Retail Brokers' started by ShoeshineBoy, Aug 25, 2005.

  1. I’m a part time retail swing trader who it finally profitable but don’t have a big enough account to go full time. I read with great interest the other thread that talked about full time retail traders.

    One subject that was brought up was legal entities. One person formed an LLC and another a Schedule C Sole Proprietor. I hold my trades generally for less than two weeks, so I am going to get raped by the IRS this year.

    Can someone give me the quickie overview of tax advantages for forming a legal entity? Also, I don’t mind reading on this subject, but I don’t even know what to look up. Tell me what to search on and I’ll check it out…