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Tax

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All you guys making the big money. What do you do to lessen the tax burden?
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12 REPLIES 12
Preston
Super Contributor
Just don't declare it...or by the Way i do not make the big money..I just declare me losses, much safer.
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WR
Regular Contributor
pay tax, if everyone pays the burden becomes lighter
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CHATTYCHAT
Super Contributor
Shame on you, Preston. Tell the guy to set off his losses against his profits. (You do not benefit much by declaring only the losses!) Unfortunately, with the tax certificates issued by OST and other platforms, you'll have to disclose everything and if you're a trader, every cent profit will be taxed together with other income: salary, pension, interest, rent, etc. That's why I don't trade. Try to head for the longer term (beyond 3 years) and if there is profit get taxed on the (at present lower %) capital gains tax.
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Preston
Super Contributor
If the Reciever do catch up with you , you can alway claim insanity.(lol)
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louisg
Super Contributor
Chattychat I,m with you here. A short term trader has to pay 40% (top bracket)of his profits to the taxman. Thats one hell of a ball and chain to contend with. The long term (3 years plus)investor has a much smaller burden of 10% capital gains tax.
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232926
Frequent Contributor
I see we got 2007/2008 tax statements for equity trading but will OST release tax certificates for Futures accounts?
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geordie1
Super Contributor
invest as an individual trade as a cc.
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geordie1
Super Contributor
invest as an individual trade as a cc.
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geordie1
Super Contributor
invest as an individual trade as a cc.
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Werner_1
Super Contributor
my logic tells me that a cc would pay 28% (company tax rate) and not the 40% if trading as individual with the highest tax bracket? is this true? cc can also write items off tax to try and reduce this more, not?
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SimonPB
Valued Contributor
but you then have to get the money out of the cc, you then either pay STC or personal tax.
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louisg
Super Contributor
STC is 10%.
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