How Traders (Legally) Pay ZERO in Taxes
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- เผยแพร่เมื่อ 14 เม.ย. 2024
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Warrior Trading // Ross Cameron // Day Trade Warrior - บันเทิง
It’s easy for me to pay 0 income tax. I only lose money 😂
😃
Same😢😂
i'm laughing so hard this is so relatable hahaha
underrated comment
Relatable af!!
I'll worry about that once I make back my losses.
Facts
Same here.
Same😂😂😂
Least I’m aware
Hell nah 😂😂😂
How tf did you go from 583 to 335k
For the Roth IRA option , you can set up a “copy trader” software so that when you’re taking trades in your main account, it copies trades in your Roth automatically. You can set ratio values too depending on your account size differences.
Cheers gents 🥂
Interesting, thanks for sharing!
how
I'm thinking of putting some cash in stocks, I was at Salt Shack and I overheard some friends saying it's ripe enough, but Is this a good time to buy stocks? I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
The safest approach I feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. it's important to seek the guidance of an expert.
@@abidakunkehinde7136 The reason I decided to work closely with a brokerage adviser ever since the market got really tense and the pressure became so much(I should be retiring in 17months) so I've had a brokerage adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
@@ThomasWolf-on2qi How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@WillaRussel Credits to "Victoria Carmen Santaella", she maintains an online presence. Just make a simple search for her name online.
@@ThomasWolf-on2qi Alright, thanks! I'll look her up for inquiries.
Thanks for the info buddy!
Thank you for sharing Ross, This is Priceless!
Amazing. Exactly what I've been wanting to know. Thank you so much.
Thank you very much for sharing this very valuable information! Everyday I was waiting for your videos. It became my daily routine.
valuable video. thank you, Ross.
Fantastic info Ross, as always. I need to read more about Mark To Market.
This is something I was trying to figure out. Thanks so much for sharing.
This is my first video watching of you as I'm looking to be a new trader & understand the tax realm of things. This is golden. Preciate it 🤞🏾
Thank you for everything, I'm absorbing your idea's, knowledge, and putting them into practice.
You have changed my life.
Words can't explain.
Mucho Mahalo!
One of the best video/info. Great job.
Thank you for putting together this fast info.
A great intro for what I need to learn next🤣
This is the best video I’ve ever seen on taxes as a trader. So many nuggets you’ve shared Ross. Thanks so much!
Great advice. Thanks Ross!
Thank you so much for this 🙏🏽
Ross man i took your course and ive watched all your videos and i just want to say thank you for your knowledge and hard work.
This video was absolute gold. Incredible presentation.
in my top 10 videos on TH-cam, this is one! Thanks for sharing.
Thanks for taking the time to put these tips together for the channel family here!
Being a good trader is one thing, being a good man is on a whole different level. You're a good man!
Excellent video!! So glad you made this !
Awesome video! Finally someone who can explain these details. I mean wtf, why is that no one can break it down like that. Damn.
Amazing video! I’ve been researching this exact topic and thinking about trading under a business account. I couldn’t find a good response but this video summed it all up perfectly. Thank you man
This is very good! Thanks for sharing.
Great ideas. Thank you Ross!
You do SO MUCH for the community man I just can’t stop learning from you!!!
I absolutely love this channel. Iron sharpens Iron
Great information. Thanks Ross.
Simply awesome !!!! Thanks Ross .
Thanks for sharing this!
Great video Ross! I've been wondering this myself lately. Also, I look forward to today's recap. KAVL & SNGX both treated me really well today!
Great information! Thanks!!!!
One of THE BEST explanations of how to pay less taxes, GREAT JOB Ross!! Regardless of whether you are an active trader or more passive (like me), taking the time to understand tax strategies to lower your taxable income is such an important, wealth-building mindset to have. Honestly, really good. I'm still smiling from your examples and how it works. So much better than reading an article or taking a class. Bravo 💯
Great video! Thats why I only trade cash settled indexes....they have tax benefits already built in.
Wow what an informative video on taxes. We appreciate you 😊
Great episode, immensely useful. One high expense in PR is hurricane insurance if you buy a house. Locals are not happy about the rich moving there, not paying taxes.. which benefit the community (!) and developers / wealthy individuals buying up previously public and accessible waterfront land building beachfront properties, all beaches must have public access. It's VERY heated there and confrontation is common. But yeah, buy a condo or rent something not intrusive to locals.
Another accounting move would be creating a Spendthrift and other Trusts, moving all assets into them and that's a long convo worth exploring. Thanks Ross.
This is fantastic
Thanks for sharing for free!
You touched on valuable information. ROTH IRA, SCorp selection, Mark to Market.
Thank you! 🎉
Thank you!
Thank You, Ross. New sub.
Dude! I would definitely move to PR...if your job is all on line...you would find everything toy need there. And is paradise
I have a Roth, solo Roth 401k, traditional IRA, several taxable accounts, solo 401k and HSA. You need an HSA! My problem is that my self employed income is low and limits my 401k contributions. Roth is key and I need to start converting. 67% of my money is in inherited IRA with RMD's. You are a bright guy! earned my subscription!
Yep. HSA is a must.
What is a HSA?
Sounds like a bunch of bullschit to me
bro all our small biz incomes are low. thanks gov!
This is Gold man awesome vid
Thanks Ross Cameron, good stuff
Excellent video. For maximum profit move to Puerto Rico, use back door Roth IRA, create an S-Corp to set up a hans-solo 401k or some variation thereof.
Thank you for the info goods ways to save
Great video. Thank you
Another banger....... ty man ty... im officially Puerto Rican 🇵🇷
Great lesson Ross!!
I am intrigued now about the Roth IRA. Will definitely be looking into this. Thanks for the info!
It’s amazing that so many people don’t know about this. I always max mine out but I started investing when I was 38 so I was older. Wish I knew about it when I was younger.
Very important to note that if you elect for mark-to-market while you've already got a bunch of losses you're carrying over, you will NOT be able to offset those capital losses you've carried over anymore because your trading profits will no longer be treated as capital gains!
❤ thank you!
I’d like to see that $580 dollars grow to 300k in a cash account.. now that would be impressive
Be happy with the 10-30% trades and it will exponentially grow
And patience every time you think you wanna trade wait and it will give you a better entry 70% of the time
Seen it
Wow! Thank you so very much!
I haven't taken a trade yet. I've just been gathering as much information as possible before trading, but you inspire me so much, I want to start trading and make money so I can leave my job and work because I want to, not because I have to, I want to leave all the people around me in the dust and show them that I am not in the same league, I want to prove my father proud and my grandfather proud. I want to retire my mother and have her live comfortable for the rest of her life. I will do whatever it takes, even if it takes years of gruling losing and suffering, I must win. Thank you for your videos, Ross. I want to be just like you.
Well said ! Nothing can resist the human spirit that is willing to risk even existence, on completing it's purpose. " Napoleon Hill " . I have that written on my wall to remind me. Good luck
Good luck because it’s not as easy as it sounds. Especially to do it large enough to make a living off of.
at the end of the day after all is said and done, we can gather that trading is more rewarding than even real estate! I have been experiencing it for 3 years and love it! and I need to set up an s corp really soon.
thank you Ross for these valuable tips. I always learn something new when I watch you on TH-cam. ❤
Outstanding video!
Video saved. I learn a lot by the way you explain things. It doesn’t feel overwhelming and exhausting, buts its the complete opposite. Puerto Rico, 🇵🇷, I’ll be for half a yr and one day. Im coming for you! 😂 but the Roth IRA was very interesting.
God bless you Ross for making this informative video and god bless all the successful traders & investors who stumbled on this video. Happy trading!
Please read "Income Tax: Shattering the Myths" by Dave Champion
tl:dr?
Great info!
Thanks a LOT
PLEASE ADVISE .
I was told to spread my savings across different things like stocks and bonds to protect and support my retirement.with everything being shaky,I'm considering going into Trade.?
I HAVE INCURRED SO MUCH LOSS TO TRADE ON MY OWN,I TRADE WELL ON DEMO BUT I THINK THE REAL TRADE IS MANIPULATED.
You are absolutely right.
I have same issue loosing in real trade but win in Demo.I think about giving up sometimes.
you must have these things in mind
1. Have a long term mindset.
2. Be willing to take *risk*.
3. Be careful, if you're not spending to earn back, then stop spending.
4. Never claim to know - Ask questions and it's best you work with an assistant.
I am no financial advisor, but money that is going to retirement should be going to long-term investments. The market has always persevered through its highs and lows.
Trading money should be going to retirement.
Retirement money should never go to trading.
@@wendyroseeit’s just about the mental side of trading. You trade different with real money then on demo and that it’s manipulated is only a excuse. Do you really think the government cares about your 20€ that you put into trading?
Wonderful content!
Ross! Please bring on a CPA- and have him go through the step-by step process, you could even invite one from youtube! Gosh that would be such a good video
Here is a better alternative. Live in Florida...No state Income tax. Trade Futures which is taxed as long term at 60% and 40% short term income tax unlike trading stocks which is short term which is much higher. Open up a IRA and trade futures out of that account...zero taxes and way better than living in Puerto Rico...Or just take a short cut and marry into money :P
Futures and 1256 contracts are taxed at 60% long term cap gains and 40% short term. Not what you said above.
Absolutely valuable content. This has been on my "to learn list". My trading is evolving pretty fast this year and this is on my long term plan.
Ross, that was awesome! Very wise advice. Now, I just have to be profitable 🤦♂️
This is just what i was wondering Ross, as i begin to earn consistently from trading. An important topic. Explained here with useful strategies totally better than a few trading accountants on utube. ty brother 4 vid
This is a great video, hopefully I can start trading at end of this year.
Thanks Ross!
If you make an episode about international stock brokers as well, it would be great
Thank you for this refresher episode. Eventually perhaps I’ll retire and move to P.R..
Very informative video. Can you also teach us how to successfully trade like you?
Thanks Ross 🙏🏻
Thank you Ross
Awesome more on taxes please
Hi Ross! I just found your channel, And I love it. I think you are excellent in explaining things, you make it very easy to understand.Im very new to trading.would it be a good idea to practice trading on a fake account but on real time. Is TD Ameritrade good for trading. If not what would be your recommendations. Thank you great content!
How? Could make another video specifically how to start doing the trading Roth IRA?
The easiest way to not pay income taxes ever again is simply move to Costa Rica because I did and it's paradise there! And it costs 1/3 less to live there!
That requires giving up US citizenship
He might have said that in first 3 minutes of video...but who's watchin
Love how he just casually throws out let's assume you're getting 100k in trading Year, like it's the low ball mark. Dude lives in a different universe than the average guy
Thanks for the advice Ross, it really cleared up some thoughts I was already having. But one question: I haven’t set up mark to market yet, I have to prove to myself I can keep this up for a year. That being so, if I’m trading the same options (which I do), can I just stop trading for the month of December, and start back up again January 1st? I’d probably try to trade different companies that month or just take a break. I know it would be really bad if I go to do my taxes and I’m told I have to pay on all my gains and none of my losses offset.
Thanks for the great Information.Can i make the same structure for my account as sole proprietorship as same as you described for S-Corp?
I’m not certain, I would ask a CPA
If you are not profitable, don't be going broke in your retirement accounts too. This applies to, well, probably 1% of people watching this, but I sure do appreciate the info.
as always, nobody should trade real money until proving profitability in SIM
I would recommend at the very least continue to put money into a Roth IRA and putting the money into at least a few etfs.
You could easily get a profit streak in a SIM, no guarentee your strategy works any better than anyone elses. It takes years of trading to really prove profits, which may not even be higher than just having dropped in an index fund @@DaytradeWarrior
Ross, how about IRS "Trader in Securities" election. Besides mark to market I believe you can also deduct business expenses without forming an S Corp. IRS has a publication on this election as TIS.
This info is gold.
Excellent video
While there are benefits to becoming a proprietor, there are unique benefits to becoming a charity like not having to disclose your donors or what you do with the money. Throwing that out there.
Thank You
PHENOMENAL! Every trader should watch this and save it. THANK YOU, Big R.C..🙏🏿🙏🏿
thank you
Love all the info you put out for free, Ross and thank you for that! Is there anything we can do to get a step up before tax time rolls around again? Bookkeeping advice?
21:45 as far as I understand it won't make your income tax higher than what you actually made. The reason for this is that the amount of loss you cannot claim as a deduction because of wash sale rule is added to the cost basis of the new security you have purchased. So you'll only pay tax only from your actual net gains and not "gross" gains. Otherwise it would made impossible to do day trading/scalping without mark-to-market election.
The only implication is that you won't be able to get the $3,000 deduction.
Amazing stuff
In Canada we have 3 different tax free accounts, some similar to the US. I max those out every year and everything else goes into a non registered account which I pay tax on half the capital gains.
wow so much value for free , earned my sub and like no doubt
Move to PR Act 60 and keep it all!