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Old 01-11-2017, 11:47 AM   #21
Recycles dryer sheets
 
Join Date: Sep 2010
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Quote:
Originally Posted by pb4uski View Post
Unless the equipment and car is used exclusively for business then you're going to have to prorate the cost between business and personal (just like any sole proprietor).

But even if you can deduct it all then you're paying 35% corporate tax on that $46,500.


Yea, I think that's where I need to learn more about the businesses, pay or dividend myself enough to live off and keep everything else in the business.

Also, health insurance through the business seems advantageous.

I was hoping someone on the site is doing something somewhat similar.
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Old 01-11-2017, 01:24 PM   #22
Thinks s/he gets paid by the post
 
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Location: Seattle
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I have thought about it, but mostly to get earned income and be able to fund a IRA or Roth IRA while retired. Perhaps also get the 50% match for people with low income (assuming the trading did not generate significant income above that level). 50% match to your Roth means you start out very ahead of the game.

I assume if you are a trader it is earned income?
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Old 01-11-2017, 02:11 PM   #23
Thinks s/he gets paid by the post
 
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Originally Posted by Fermion View Post
I assume if you are a trader it is earned income?
AFAIK, if it's earned income there's no way to avoid paying Social Security tax.
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