It's tax season and the only thing I have going for me is that I didn't get hit with a major tax bill this year. Uncle Sam has been kind! But tax planning had a lot to do with it. It's better to be a corporation than an individual as far as US tax minimisation is concerned. My trips to Hong Kong last year (and Switzerland this year)? Both tax deductible! Rent? Meals? Furniture? Apple Computer? The 1120S took care of it all. From what I've read, once my business income starts exceeding my expenses, I will need to seriously think about becoming a C Corporation. And I hope it'll be this year! I've been doing a tonne of work, distributing over 50 brochures over the past month and even doing an office meeting. The way I see it, all of this has to pay off soon!
Admittedly, trading hasn't been doing it for me this year. In Q1, I ended up banking 26.99% of the profits I made in 2011. That's not too bad, but it would have been better if my profits from 2011 had been higher. I've also been hit with several retracements lately - some from as far back as November 2011. I've got to decide on an exit strategy as May is just around the corner and people are hitting the exits already.
I'm still in:
BAC (SBA + Roth IRA)
CENX
EATR
GLCNF
HWD
IDGG
JRCC
KWK
MFG
MFGLQ
NMR
When is Lehman Payout Party Time - and am I in or out?
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