If you are thinking about doing this as a business and charging others for your services, you will need to first acquire the appropriate securities license(s) - perhaps something like Series 7 & 66 as well as register with the proper authorities - one or more states and maybe FINRA or SEC. Your would be service income (ordinary income) to you and capital gains tax rates do not apply to your services. As a legit business providing services to others, you should be able to claim ordinary & necessary business expenses on your Schedule C. Don’t forget to include E&O insurance as one of your expenses.
You can’t go into a business and trade for just yourself (so no license required) and pay yourself a wage as a single member LLC (if you file a Schedule C). If you want to receive a W-2 paycheck, you’ll need to choose to be taxed as an S-corp or C-corp. You should be able set up a SEP under any type of entity. You don’t pay self-employment tax on income from capital gains as it is not “earned” income.
You have a lot going on in this post. Start with the proper license(s) and registration(s). Good luck!
If you are thinking about doing this as a business and charging others for your services, you will need to first acquire the appropriate securities license(s) - perhaps something like Series 7 & 66 as well as register with the proper authorities - one or more states and maybe FINRA or SEC. Your would be service income (ordinary income) to you and capital gains tax rates do not apply to your services. As a legit business providing services to others, you should be able to claim ordinary & necessary business expenses on your Schedule C. Don’t forget to include E&O insurance as one of your expenses.
You can’t go into a business and trade for just yourself (so no license required) and pay yourself a wage as a single member LLC (if you file a Schedule C). If you want to receive a W-2 paycheck, you’ll need to choose to be taxed as an S-corp or C-corp. You should be able set up a SEP under any type of entity. You don’t pay self-employment tax on income from capital gains as it is not “earned” income.
You have a lot going on in this post. Start with the proper license(s) and registration(s). Good luck!