How Traders (Legally) Pay ZERO in Taxes

[@KheroFrei]

The biggest lesson I learned in 2023 about the stock market is that nobody knows what will happen next, so practice some humility and low a strategy with a long-term edge.

[@KennithsAbadies]

Nobody knows anything; You need to create your process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.

[@DarnellsStevenses]

@@KennithsAbadies The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.

[@KheroFrei]

@@DarnellsStevenses Could you kindly elaborate on the advisor's background and qualifications?

[@DarnellsStevenses]

@@KheroFrei The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.

[@KheroFrei]

@@DarnellsStevenses I just ran an online search on her name and came across her website; pretty well educated. thank you for sharing.

[@dominicschaefer8738]

It’s easy for me to pay 0 income tax. I only lose money 😂

[@nepalianstallian2514]

😃

[@mursestocks8196]

Same😢😂

[@umbertodiotalevi446]

i'm laughing so hard this is so relatable hahaha

[@gavnonadoroge3092]

underrated comment

[@Kingscooby08]

Relatable af!!

[@GrayDuckDIYs]

As a tax accountant and a trader I 💯 approve this message! S Corp status is the best strategy for any type of business that has a high net profit. Can also buy your building in your name then rent it to your business. Lots of great loopholes and you break the big ones down wonderfully ❤

[@bootstrapstylerich]

An LLC taxed as an S-Corp is simpler and even better! And put yourself on payroll too!

[@aljustun5118]

What do you have to say concerning setting up a corporation in British Virgin Islands and Vanuatu where they don't have capital income tax?

[@TuPips]

Are you taking clients?

[@TherysaSparks]

This is great, but I have a question for you please. I already have an LLC, however, the brokers don’t let you open a corporate account with less than $200k +/-, can I trade in my personal account for the business or will that break the corporate veil? Also, if I select to market to market election, will I still be subject to wash sales?

[@kevinstrong7520]

Is the W2 salary you take considered "earned income" from the IRS?

[@zackstrigin]

You do SO MUCH for the community man I just can’t stop learning from you!!!

[@the1der]

I absolutely love this channel. Iron sharpens Iron

[@Shurredz]

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 🥂

[@DaytradeWarrior]

Interesting, thanks for sharing!

[@janetdungan2878]

how

[@JOEROGAINundefeated]

Which trading platform are you using for this? I just opened a Roth In Robinhood going to hop they have a set up like that

[@lakaymwen2003]

I SPOKE TO A SPECIALIST IN FEDELITY ABOUT TRADING INSIDE ROTH IRA, he said PDT RULES will be broken, once I place 4 trades within 5 days in the account.

[@sandygrungerson1177]

​@@lakaymwen2003"doctor, it hurts when I do this..."

[@Winterascent]

I'll worry about that once I make back my losses.

[@DailyNarrativ]

Facts

[@eduardoaleman2773]

Same here.

[@Tpfutures]

Same😂😂😂

[@Tpfutures]

Least I’m aware

[@banginzaza]

Hell nah 😂😂😂

[@camille_ann3]

Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks and dividends. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities to invest in that won't lead to high taxes.

[@AaronTilt]

Reason I decided to work closely with an brokerage advisor ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage advisor guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

[@Arnold-ic9jg]

Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them

[@AaronTilt]

Sure, there are plenty of experts out there. I've worked with a few over the past years, but I've stuck with ‘’Judith Lynn Staufer” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@williamJohnsonq8f]

Thanks for sharing. found her web instantly. After reviewing her credentials i reached out to her.

[@theowenssailingdiary5239]

Why don't you idiots stop breathing for a few minutes ? See what happens.

[@DonaldBricks]

Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2022.

[@joshuatoms7664]

Nice bruv. What's been your strategy?

[@Giggidygiggidy12]

How are you trading exactly what rules or methodology you using?

[@maxximilianm3752]

congrats man. hows it looking now? give us your strategy :)

[@Riggsnic_co]

The market trend can turn around very quickly. In fact, the indexes often switch from a bear market to a bull market when the news is at its worst and the mood of investors is at its lowest point. I read an article of people that grossed profits up to $150k during this crash, what are the best stocks to buy now or put on a watchlist?

[@Jamessmith-12]

In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.

[@JacquelinePerrira]

In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.

[@kevinmarten]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@JacquelinePerrira]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@kevinmarten]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@jryer1]

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.

[@karlbe8414]

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!

[@roblake9856]

Yep. HSA is a must.

[@vchafab]

What is a HSA?

[@73lube]

Sounds like a bunch of bullschit to me

[@aqadaptiveintelligence]

bro all our small biz incomes are low. thanks gov!

[@soupra22]

Healt savings account ​@@vchafab

[@TwoBlueScrews]

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.

[@DaytradeWarrior]

as always, nobody should trade real money until proving profitability in SIM

[@EMan-cu5zo]

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.

[@FayeBae69]

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

[@MiamiNinja.2Thailand]

The teachings in this video are great. But, everything hinges on being able to trade for a profit. Just because you are trading does not mean you will make money. All trades are not profitable.

[@colbybilotta9016]

I’m the 1%

[@dalecharlesphoto]

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.

[@alphabeta8403]

13:00 Create a Roth IRA 15:00 *Create a S-Corp* 18:40 Wealthiest people are frugal, especially early on in their careers 22:00 Paying 0 taxes, extreme example

[@CallMeFil]

thank you

[@ty-l5w9b]

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!

[@SilviaManentFinancialAdvisor]

Great video! Just one thing to keep in mind with the S-Corp Salary. The company match is based on your reasonable salary. So for example if you;re taking a $40K reasonable salary, you can do $23K employee contribution to the solo 401K but only 10K (25% of your w2 wages) into your solo 401K for a match! You could do an LLC and then be able to deduct 25% of your profits, etc. just something to keep in mind since a few CPAs have actually screwed this up!

[@lifewcj1264]

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

[@EGR370]

A tax strategist

[@macuser1232]

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!

[@JohnnySmithVII-ig8nq]

You would still need to pay taxes as an S Corp. You'll also need to collect and account for medicare, social security, etc.. on your "W2" employee. Its a workable strategy if you are making several 100's of thousands of dollars a year trading, but way over simplified in this video.

[@sleepingrogue4130]

Well he did say it wasn’t as simple. So you wouldn’t recommend the S-Corp if you’re not making hundreds of thousands a year?

[@scopesieboy]

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.

[@mikelisa76]

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

[@EMan-cu5zo]

Good luck because it’s not as easy as it sounds. Especially to do it large enough to make a living off of.

[@MorrisAlanisette]

its good to have that attitude, but i wouldnt recommend trading to anyone. Not to say you can't make money doing it. I can, but its only after many many years of pain and loss. So it's like, I do think trading is really great for the reasons you said, but reecommending it to someone is like wishing them years of torment. Its kind of like a black hole. I mean you only come out the other side because you're stuck in it. There were times i really regretted spending years doing it. And then finally it feels like kind of a great thing that i persevered. So now, I don't know what to think of it. i recommend it as a hobby but dont quit your career over it. its for people with nothing to lose because you have to be insane to continue with it to the point where you can actually make it work. for me it works because I'm an outsider and don't have a career so I had to make it work. I will also say, that after over a decade of staring at charts, there are repeating patterns over and over. And there are also proportions to the moves. It's almost like its programmed in many ways. The hard part of trading is psychological and time. It's actually pretty easy. That's why having it as your primary source of income will really make it difficult. So i recommend contiue working and trade on the side for many years. Plan to quit years from now.

[@scopesieboy]

@MorrisAlanisette thankyou for the wisdom I will definitely take the advice. Thankyou

[@studentoftehuti3112]

I’d like to see that $580 dollars grow to 300k in a cash account.. now that would be impressive

[@Celsters833]

Be happy with the 10-30% trades and it will exponentially grow

[@Celsters833]

And patience every time you think you wanna trade wait and it will give you a better entry 70% of the time

[@jameslorevil1864]

Seen it

[@Tainted_soul635]

@@Celsters833I love you

[@svnbit8408]

I turn 60.00 into 3k all the time and blow up the remaining 2k lol. Now I have to really try with discipline

[@theupbeatplace2349]

This is the best video I’ve ever seen on taxes as a trader. So many nuggets you’ve shared Ross. Thanks so much!

[@billa3816]

Please read "Income Tax: Shattering the Myths" by Dave Champion

[@coocoocachooglin]

tl:dr?

[@denbak6185]

Fantastic info Ross, as always. I need to read more about Mark To Market.

[@ronsherrod]

form 475 I believe

[@markoliver7439]

I am intrigued now about the Roth IRA. Will definitely be looking into this. Thanks for the info!

[@EMan-cu5zo]

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.

[@lisabrenda3620]

Beginner traders sometimes make the error of trading on their own without the right guidance or knowledge, and they frequently come to regret it. You need a mentor and an expert to help you trade as a newbie.

[@xanderberry5727]

Investing in many sources of income that are independent on government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.

[@reubenmezie9515]

I don't really understand why young people and adults are still living in poverty when they have access to smartphones and excellent internet earning prospects.

[@Elimoore_jk67]

Due to ignorance and dissuasion from friends and family, most people avoid investing entirely without first trying it out for themselves.

[@socalk1d262]

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!

[@Jonathanpowell2023]

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!

[@DaytradeWarrior]

That requires giving up US citizenship

[@Theo-dj7vs]

He might have said that in first 3 minutes of video...but who's watchin

[@Francisco-Danconia]

​@@Theo-dj7vshe said Puerto Rico, not Costa Rica

[@Franciscodelporto]

Dude! I would definitely move to PR...if your job is all on line...you would find everything toy need there. And is paradise

[@SiliconFlux]

Only downside of PR is the food is terrible.

[@Goat-n8g]

Paradise my a** after living there for 28 years it's the worst place that I ever been and I'm Puerto Rican by the way

[@johndrop8076]

valuable video. thank you, Ross.

[@oGrasshoppero]

This took me the whole night of research to see if this could benefit my circumstance and my observations are as follows: Even with the most ideal conditions, where only short term capital gains traders that have net annual gains that fit in a small working range...high enough to where you do reap the full benefits of the retirement accounts and low enough to where your "reasonable wage" is just enough to cap your annual solo 401k contribution limit....you still pay 1.24% more in taxes. The 15.30% FICA penalty really hurts you badly in this calculation.

[@noahhuslin]

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 🤞🏾

[@Kademichaelbrown]

All u gotta do is not trade in December and u don’t need to worry about wash sales

[@crazytrain86]

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

[@devrynrick1530]

Well yea the average guy doesn’t make a profit.

[@NamNguyen-xt4yk]

i'd love to know how rich people pay 0 tax

[@ragnarfresh]

It's called an example

[@planofthenets]

Yeah cuz the average guy thinks like you. You gotta assume the best to be the best.

[@aljustun5118]

They still pay tax when they sell their shares. Elon Musk paid more tax than any individual I'm US when he sold his shares.

[@Omwereru]

This guy, does soooooo much for the community, I cannot thank you enough Ross!!❤❤❤

[@DaytradeWarrior]

Thank you!!

[@hahahoho10mil]

Amazing. Exactly what I've been wanting to know. Thank you so much.

[@niveno]

Am I correct? Ross turned $ 583 to 335K in first year of Trad. IRA it continued similar in next years. He just turned $6000 to ROTH IRA each year. So, he will pay for taxes all remaining money in Trad. IRA ..He could not save those money from tax. He just created a base money in Roth IRA to make more money in Roth IRA .

[@Tradernotahater]

Awesome video! Finally someone who can explain these details. I mean wtf, why is that no one can break it down like that. Damn.

[@Dangerusc]

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 💯

[@nyacoustics8373]

PR sounds all fine and dandy about taxes until you get there. the weather is horrendous. its swamp humidity. Rains a lot. It also has many DANGEROUS violent neighborhoods.

[@MTK_88]

Exactly... But whether it's true or not he made some profits from this video

[@TVB1st]

You have no idea. I moved to PR for tax reasons 3 years ago and totally disagree. The weather is beautiful, nothing like Florida steam room, it is breezy here, which makes it much better. If you want cooler weather, live in the mountains. Where I am, in the Northwest, does not rain a lot. In the Southwest if the island it is actually pretty dry eith no rain for months. Like I said, you have no idea what you are talking about.

[@EMan-cu5zo]

They rich have taken over a portion and basically gated the place. At least that’s my understanding and the locals don’t like it because it’s raising the cost of living down there. I live in south Florida so Puerto Rico wouldn’t be much of a difference in many ways other than they have mountains and it’s dead flat here. They also seem go be hit more often with hurricanes.

[@OlafsonN]

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.

[@vincentstewart1843]

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.?

[@wendyrosee]

You are absolutely right. I have same issue loosing in real trade but win in Demo.I think about giving up sometimes.

[@janejane386]

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.

[@astrobob135]

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.

[@vincentkrawiec8211]

@@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?

[@vincentstewart1843]

I was asked to trade with Kate floretta

[@abeneko3065]

Ross, I and a lot of traders, really appreciate your knowledge about taxes. most CPAs don't know how to work with traders. Thank you very much

[@gerardaalcantara2769]

How? Could make another video specifically how to start doing the trading Roth IRA?

[@mikegemm3761]

Roth IRA's have limits based on income and the contribution limits go down as income rises.....you also have to have earned income in order to contribute to any IRA. But I do agree anyone under 50 should only be working with ROTH IRA accounts if you choose to use them...Take the hit how and convert your traditional to a ROTH!!! But make sure you have those funds in the ROTH for five years before your deductions are qualified (tax free).

[@Berserkeroverland]

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.

[@Vade1313]

Thanks for the info buddy!

[@sleepingrogue4130]

This is the first video I’ve seen from your channel and I was HOOKED! Thank you so much for your knowledge and I’m definitely subscribing.

[@nunekassem9339]

Let’s talk about an important topic. How do you even find good accountants that give you this level of advice?

[@regimatic]

As of 2024, the Roth 401k is no longer required to take Required Minimum Distributions in retirement... They're just like IRAs now, in that respect (unless the plan requires). So if you have a solo Roth 401k you're golden!

[@DanielsHugo]

As an elder millennial, one of the few advantages is having lived through the Great Recession, Election and Economy Crisis. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.

[@audioemotionify]

Another thing that you should look into Ross that most people never do and it’s very rare to see in a tax situation is when you purchase properties with your Roth IRA account and you create a custodian account to oversee and property manage the accounts and no family members are allowed to live in these properties also by the way . All of the equity in these properties is tax free. So purchasing broken down houses and flipping them within your Roth IRA is quite the tax advantage as well as being able to hold the properties as well. This might be a safer approach due to the fact that you own the properties outright because the banks are currently about to fail and our currency might be stolen from us and our accounts. But if you own properties outright it will most likely be harder to be taken away from you than just wiping your account to zero. Just a thought to be prepared for when they change currency into something Chinese controlled

[@DaytradeWarrior]

Good idea!!

[@AbsoluteJ-uu2tz]

Supposedly, you can also set up an LLC and have your office established in Puerto Rico while trading through the LLC for the tax benefits too.

[@TVB1st]

Why to set up LLC? Puerto Rico tax savings is not that easy. You have to be a resident to notbpay taxes. What LLC will do?

[@AbsoluteJ-uu2tz]

@@TVB1st I stand corrected, thanks.

[@AbsoluteJ-uu2tz]

From what I researched, you have to be a “Bona Fide resident of PR”.

[@DaytradeWarrior]

An LLC offshore doesn’t exempt the tax payer if they resident is USA

[@rogsolaris7411]

At around 15:30.. For argument sake let's say you don't have a job, so you do not have W2s. But you want to contribute to a Roth IRA. Could you create an S Corp, take the salary in the form of a W2, and therefore have the W2 to open the Roth IRA that way? Based on the explanation of S Corp here, would that be a strategy? Or possible? Do you need to have an actual business or product to open an S Corp?

[@itskurt]

This video was absolute gold. Incredible presentation.

[@CRpatriot]

Hi, I appreciate your video. I just watched it about four times and I shared it with a few people and family members. My question is regarding depositing into the Roth IRA When you say we could just deposit a minimum of $6000 once a year you’re saying from there once it grows to a certain amount that’s when we should start trading at that point Tax free Can we start with the basic of $6000 in trading or does it have to be a certain amount? 🙏🙏🙏

[@justinjones3326]

Another banger....... ty man ty... im officially Puerto Rican 🇵🇷

[@DeanWolf68]

Roth IRA income limits changed this year. In 2024, the contribution limit is $7,000, or $8,000 if you're 50-plus. The Roth IRA income limits are $161,000 for single tax filers, and $240,000 for those married filing jointly.

[@waynelast1685]

not totally sure but I think there is a complication if you already have a retirement plan at your place of employment ( if not self-employed, but maybe if you already have retirement plan while self-employed?) . The ROTH IRA income limits are lower if you already have a retirement plan at your place of employment, I think.

[@anxheloripa449]

Most important question in this video: How did you go from 600 bucks to 335K lol? 😂😂 thats a great issue to have

[@ifemichaelo7457]

i FINALLY understand what this backdoor everyones been talking about actually means, thank you!

[@brianmcginity]

How did you put $6,000 into an IRA if your income came 100% from trading? A trader can only contribute to an IRA via an S-Corp (which you talk about later in the video). So on year 1 did you open an S-Corp?

[@DaytradeWarrior]

You don’t need to have an s corp to contribute to an IRA, you just need earned income that you pay income tax on.

[@brianmcginity]

@@DaytradeWarrior Earned income is from a W2 job or self employment. Trading income, short term capital gains, long term capital gains, dividend income and interest income are not considered "earned income". So if all income is solely from trading, it is impossible to contribute to an IRA and get a tax deduction.

[@adrianlynnministries]

@@brianmcginityin order to set up a S-Corp you have to take a salary. That becomes your earned income for which you would use to fund your Roth IRA. You will still need to pay the standard taxes on your earned income like FICA, Medicare, Social Security, State (if applicable), etc. Your tax accountant can do that for you or you can hire one of those payroll vendors if you don’t know how to do it yourself but they usually require more than one employee.

[@lindajenkinsyt]

I have no idea why your CPAs would allow you to do this: To contribute to an Individual Retirement Account (IRA), the income must be earned income . This includes wages, salaries, tips, bonuses, and self-employment income . Investment income, such as capital gains, dividends, and interest, does not qualify for IRA contributions.

[@DaytradeWarrior]

I have earned income since I pay myself wages from an SCorp

[@nawiensharma6084]

in my top 10 videos on KZbin, this is one! Thanks for sharing.

[@thelittlesignpost]

So Ross, here's my question, can a non US citizen have such an advantage as a Roth IRA? I am British and live in Thailand, I trade in the Futures markets, so how can I also avoid paying taxes? I know Bangkok Bank has a branch in New York, so maybe I can have an account in NY as well as here in Thailand? Almost everywhere in the world, taxes need to be paid and new laws have come into existence here in Thailand, so I too need to be tax efficient! Thanks for your interesting video! Liked and subscribed too!

[@tootory9506]

Awesome more on taxes please

[@barrymackaben7557]

Ross,, i strongly advise skipping the home office... its number one red flag for the IRS. you can take the capital expenditures separately

[@h.6479]

Thank you!

[@mjpyro2458]

One argument against contributing to a traditional IRA that I didn’t hear you mention is that in order for you to deduct the amount you contribute in a year from your taxes, you must have W2 income. Full time traders have no W2 income so the main advantage of a traditional IRA does them no good. Go with the Roth.

[@MyTrader_Life23]

Thank you for sharing Ross, This is Priceless!

[@kl3664]

7:45 you're incorrect, "Roth IRA contributions themselves aren't tax-free for the year you contribute. You contribute to a Roth IRA with after-tax dollars, so you don't get a tax deduction on your current income taxes."

[@DaytradeWarrior]

Tax the seed not the tree. Later in the ep I talk about how you pay tax on the initial Roth contributions

[@kl3664]

@@DaytradeWarrior Most people are not in your position, but then again, most people do not watch your videos, so fair point. ^^

[@everythingcrypto5577]

You contribute to a Traditional IRA which it is pre-tax dollar then convert it to Roth IRA

[@brucet1467]

wait. in Year 1 you made 335K and put 6k in a tradition IRA and then switched to a Roth IRA, and only paid income tax on the 6k? what about the other 329k??

[@melindaarrington6678]

exactly

[@bartg7790]

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.

[@Bobby-MD]

Great advice. Thanks Ross!

[@theYoutubeHandle]

assuming your tax rate don't change, there is no difference between paying tax now then grow the account tax free or growing the account and pay tax later. Because the maths is multiplication. The only thing to consider is when your tax rate is lower, now or at retirement.

[@nickbeck318]

Thank you so much for this 🙏🏽

[@HODLYOLO]

Roth IRA may sounds better as you explained, but don’t forget the contributions are made with after tax dollar meaning you pay tax now but withdrawals during retirement of tax-free. I like the Puerto Rico option. 📈🙌🏻

[@Soundplug0]

How tf did you go from 583 to 335k

[@reddbendd]

i stopped watching after that kinda threw me off

[@markbuynack7000]

Full of sh*t

[@_Thoughtful_Aquarius_]

Yeah, I'd also like to know. 🤨

[@jhoancamargo4413]

​@@_Thoughtful_Aquarius_trading small caps stocks. I saw it ...

[@RoyceMachado]

He doesn’t even explain how he did this miraculous thing.

[@JChidy619]

Do you have a video that teaches us how to trade out of a Roth IRA? Such as how to connect the Roth IRA to a broker etc? Kind of a step by step tutorial for us?

[@DaytradeWarrior]

You can check out this article for more info: www.warriortrading.com/how-you-can-day-trade-in-your-ira-account/

[@barkingshark6413]

Trade out of a ROTH IRA.

[@lucasmillenium2521]

what I'm confused on is STRATEGY 3 .....if the max amount I can contribute to the 401k is 23,000 in a year ....how does the company match at 69,000? where does 69,000 come from ? I'm comprehending " match " to be an equal amount of my contribution making it total 46,000 help !!

[@DaytradeWarrior]

The company can offer an above and beyond profit share

[@ardizd]

I need a drink

[@birdeye700]

The alternative is to put money in IRA account as much as possible within the IRS limits. All your income in this account is not taxable until you draw money from

[@hotsauceislethal9430]

Pay no income tax hack: Just have no income

[@aqadaptiveintelligence]

not hard with this economy.

[@jixxxerrr]

This economy is much better compared to 2020. The Dow and S & P are at all time highs. As a trader, if you know what you're doing, you can make a lot of money.

[@PrestonTurboSi]

Dude needs to spend a few bucks on some wall mounts for those screens... sheesh!

[@SusanPolgar-gp1js]

Great transmission, as always. I appreciate the no-nonsense approach you take to the news and the markets. A lot has changed and that's about it ,but the truth is that I don't even care much about the bull or bear market anymore because Stella Hu covered me while I'm doing comfortable.20k 30k every week and I'm still counting thanks to her

[@ThomasLuca-cd6bn]

her transformative power of trading is remarkable. Despite being a medical doctor by profession, I've found that copy trading generates higher income for me without the need for direct involvement in trading activities

[@ThomasHeinrich-so7kk]

I remain eternally grateful to Stella Hu for her efforts that got me to this point , finally paid off my mortgage and all my debts, what more could I've asked for. She changed my life for good

[@SantiagoMarin-qd1uo]

Just withdrew my profits week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@NicoleNatasha-x9h]

Though I started with as low as $10,000 actually because it was my first time and it was successful, She's is a great personality in the states

[@MarwaneMonnier]

The very first time we tried, we invested $3000 and after a week, we received $9500. That really helped us a lot to pay up our bills.

[@jimmcneal5292]

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.

[@Monicamonasky-]

I'm an aspiring trader who would rather learn from other traders' experience than investing in the market myself, in anticipation of the next bull run. What are your thoughts on copy trading as well? Do individuals actually earn a living? Just trying to get some reassurance. I want to have a healthy portfolio worth at least $850,000. Reliable inputs please.

[@GaryNicka]

i'd advise you redistribute assets in your portfolio with the help of a pro so you don't get burnt in the market

[@DaytradeWarrior]

We strongly advise against mirror trading, as it does not help members to learn how to trade on their own. Rather, it creates a dependency on other traders for trade ideas which is not a long-term success strategy. While we do share trades in the live trading room, our goal in sharing them is to create a more proactive learning environment for our members. Rather than focusing on following our trades, they can focus on how we identified the trade setup and the reason why we took a position. You can find more information on mirror trading here: www.warriortrading.com/why-mirror-trading-is-a-bad-idea/

[@ElCidPhysics90]

Two points. The Ira accounts need to be self directed. Also, if you structure your business properly you can contribute much more than $6000

[@ElCidPhysics90]

Ok, so I may have spoken too soon. You’re covering the S Corp now, lol

[@Mexicanprince2k24]

I’m watching after I filed my taxes 😂

[@ebaum1000]

Hey tomato tomahto

[@daisukiyamamoto3904]

U could also loss on Roth IRA, which mean u loss on the money u pay tax on. Does not make sense, if u consider both side loss and profit. If u r sure u can always profit from ur trade, just make more profit, pay the tax be done with it. Use the time saved to make more profit...

[@Vietsical]

Hi Ross, you did not mention about Sar Sep IRA where if you have a business account S Corp or self Employed, you can contributed ui p to 25% if Medicare wages or the max of allowable each year by the IRS. My question is can you pen Sar Sep IRA and do the max contribution and open Solo IRA through SCorp account as well? Great video. Thank you.

[@robertrose3068]

Problem is, we have to make consistent profit first.

[@optionco4300]

To take advantage of the Solo 401k, you need to treat your trading profits as ordinary income vs capital gains by electing Mark to Market (MTM). Electing MTM negates many benefits like increased taxes (37% vs ~20%), must start paying self-employment tax, and no access to long-term gain classification (with SPX, ES, etc...). I wish Ross discussed these points when recommending tax shelters.

[@optionco4300]

For a quick side-by-side comparison, if you earned ~$100k in profits and no deductions (for simplicity, since both qualify for the same). - Ordinary Income with Section 475(f) pays $27,270.75 in taxes (takes max advantage of Solo 401k) - Capital Gains with Section 1256 pays $17,800 in taxes (assuming trades are Section 1256 friendly)

[@RoyceMachado]

This is the first time listening to your video. Would you please explain how you miraculously turned virtually nothing into 335k??

[@adelineChulack]

As an investing enthusiast, I often wonder how top level investors are able to become millionaires of investing. . 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 diversify ?

[@matthewolfe]

Got like 10k to my name, but this video is extremely informative & I can’t believe I didn’t know much of this. Got hope for the future 🤞 love yall

[@RAUFBEDAR]

Ross, thank you so very much. You always have great advices.❤

[@vincentkingsdale8334]

This is the problem with the IRS. The tax system is way overcomplicated. Loopholes everywhere. Should just pay 5% total tax regardless of income. Who is going to move to Peurto Rico to save money? Very few will do that, legally

[@hitechrr]

My income is from a pension and SS, as well as any stock income. I don't think that I can put anything in a ROTH. I have been moving my money from my IRA to the Roth.

[@xueya2188]

Dude, you're one of the most helpful people ever.