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Trader's Secrets for Wealth Management

The document outlines key considerations for traders in setting up their trading business. It discusses selecting an LLC as the preferred entity structure and retitling brokerage accounts in the LLC name. It also covers establishing a trading plan, forecasting revenue, deducting business and medical expenses, and implementing tax planning strategies to maximize deductions and minimize taxes owed. The overall document provides guidance to traders on the business basics, deductions, entity selection, and tax strategies needed to properly manage their trading business.

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Wayne King Jr
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101 views5 pages

Trader's Secrets for Wealth Management

The document outlines key considerations for traders in setting up their trading business. It discusses selecting an LLC as the preferred entity structure and retitling brokerage accounts in the LLC name. It also covers establishing a trading plan, forecasting revenue, deducting business and medical expenses, and implementing tax planning strategies to maximize deductions and minimize taxes owed. The overall document provides guidance to traders on the business basics, deductions, entity selection, and tax strategies needed to properly manage their trading business.

Uploaded by

Wayne King Jr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Traders Secrets Notes www.tradersaccounting.

com

1. Trading as a business (Business Basics)


a. Mark to Market selection
b. TradersLog software http://www.traderslog.com
c. Business Deductions
i. Business Expenses
ii. Medical Expenses (Insurance, deductibles, etc.)
iii. Trading Expenses
d. Trading Plan (Budget)

2.
3.

4.
5.

e. Forecast Revenue
Wealth Creation
a. Investment Planning
b. Business Planning
Wealth Preservation (Law of Insulation and Isolation)
a. Tax Planning
b. Wealth Protection Planning
i. Lawsuits Negligence
ii. Intentional Torts
Tax action plan
a. Largest expense is taxes
Entity Selection/Business Formation
a. LLC-Flow Through entity of choice
i. Retitle brokerage account with name of LLC

ii. Keep a trading journal (log)


b. C Corporation

Managing Cash Flow

Traders Secrets Notes www.tradersaccounting.com

Managing Cash Flow

Traders Secrets Notes www.tradersaccounting.com

Managing Cash Flow

Traders Secrets Notes www.tradersaccounting.com

Managing Cash Flow

Traders Secrets Notes www.tradersaccounting.com

Managing Cash Flow

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