Tax questions?

As i read and try to absorb as much wonderful information i am puzzled how one honestly claims your taxes and how that works when you say you take your profits of the table. I am a retired RN, i worked in the ICU for oh about 25 years and hurt myself on a patient, i cannot do this any more and i am seeking this as a career change. So enough said im used to doing this once a year with uncle sam. Should i be working under a CCORP or LLC? Do you claim this daily, weekly, yearly. Do you get some formal written documentation im sure you do, but what is it. If anyone has some honest answers i really appreciate all the help thus far. Thanks joanne.

i don’t know about the states, but in canada it is basically taxed as capital gains, i get a statement from my broker at the end of the year . basically i pay about 25% on profits.

There have been many threads on this topic with some good links that explain everything. Click on the search button at the top of the page and search for taxes.

Topgun

That’s good to know, abner. I had heard that before but couldn’t find anyone to confirm it.

I’m in Canada, too, and have been looking for tax info for Forex traders. Very hard to find. Or maybe I’m just not looking in the right place. :smiley:

I’ll search through the forums here, but if you could PM or e-mail me some details of how it works here in Canada, or some sources to look through, I’d greatly appreciate it.

Terry

dear abner i went to a business seminar a few times and i believe the person teaching was talking about tax write offs, like office space in your home etc. i belive he was a charted accountant or certified accountant. he was very informative i would start here that is what i plan on doing. before i start i want to take the time to prepare and get all my ducks in a row, force of habit. i will research this further and pass on the information but im not sure at all about canada as i live in texas. go long horns! joanne.

dear in2blue,i wrote an email to abner but it was for both of you im not very good on this computer yet but i am learning. i will research the subject of taxes and pass on the information. thanks joanne.

i have been informed that the person we are looking for is a cpa a certified public accountant that understands trading.

Thanks for your help joanne.

Terry