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aka why its awesome to be a trader in Texas (even if you are surrounded by ...)
Upcoming the rest of five-part blog series: Tax Battle Of The States
New York Vs. Florida;
Midwest Vs. Southeast Top 10 States;
New Jersey, Washington & Massachusetts;
Nevada, New Hampshire & District Of Columbia
Can you help answer these questions from other members on NexusFi?
As a general rule, if you trade futures and become a member of an exchange, you are subject to Self-Employment Tax on the income.
I have recently come across the opinion that if you have an "Electronic Corporate Membership" that is not the case. Has anyone else heard, or acted upon, this?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
This used to be a bad thing but with the implementation of the 'investment tax' I believe there are ways that paying SE can reduce your investment tax bill but allow you to deduct pension contributions.
If one owns and has read Robert Green's "The Tax Guide for Traders" from a number of years ago what is the additional benefit, if any, of buying "Green's 2016 Trader Tax Guide"?
I am moving to Calgary this December and i trade American Futures (ES, CL, 6E)as well. Can you share your experience with me regarding choosing an American Broker and the tax formalities you need to fulfill? I have contacted Global Futures and IB. Global has higher than normal commissions and IB's data is not the best as i use tick and range charts.
We would be more than happy to help. If you are moving to Canada as a "landed immigrant" status I assume you will pay Canadian taxes via the 1099 you will receive from your FCM. If you are moving to Canada without a status then you would have to pay taxes though your native country. Either way, you have to declare it somewhere.
If you gain contact with us we would be more than happy to provide favorable terms to your trading.
I hope this helps.
Thanks,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
You most welcome. Looking forward to hearing from you.
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Matt from Optimus is extremely helpful. I got so much credible information from him. I think what separates good brokers from excellent brokers is that personal interaction regarding your trading needs. I am giving my business to him and I highly recommend Matt to any futures traders out there.