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PDF Editor FAQ
How do I do a profit and loss statement for self-employed?
Here is a template I use for tax clients: http://www.needacpa.com/wp-content/uploads/2018/01/Business-Income-Expense-Schedule.pdfBonus info-here is a discussion of deductible expense categories and what you might put in each category: http://www.needacpa.com/wp-content/uploads/2018/07/Guide-to-Business-Expenses.pdf
Does an LLC have to have a business bank account?
A limited liability company is a pass-through organizationA limited liability company (LLC) is a legal business entity owned by its members. Many small business owners choose this type of structure because it's simpler to form and operate than a corporation, and offers more protection from liability than a sole proprietorship. This article will explain how an LLC works and the steps involved in creating one. It will also outline the advantages and drawbacks of an LLC compared with other types of business organizations.What Is a Limited Liability Company?An LLC is a type of business in which the owners are called members. The business entity is separate from the members so only the entity may be held liable if the company issued or fails to pay its debts. An LLC contains elements of a sole proprietorship, a partnership, and a corporation.State laws determine the types of organizations that can create LLCs. Generally, most types of businesses can form an LLC, other than banks and insurance companies. Some states limit the types of services LLCs can offer. California, for example, prohibits LLCs that provide professional services like accounting and law firms, pharmacies, and doctors’ offices.1 State laws also determine who may be a member of an LLC, and the number of members the entity may have. In most states, members may include individuals, corporations, other LLCs, and foreign entities. Many states permit LLCs that have only one member.How Does a Limited Liability Company Work?All LLCs should have an operating agreement, which is essentially the rules and regulations for how the company will work. The agreement should describe who will manage the firm, how membership changes will be handled, and how profits and losses will be distributed. To protect members from liability, the operating agreement should state that the entity is separate from the members.Ownership changes will occur if existing members die or leave the firm or new members are added. The operating agreement should address these potential changes. For instance, it might outline a procedure for valuing and then selling a departing member's share. If the LLC has only one member, the agreement should state how the firm will be dissolved if the owner dies. If membership changes occur at an LLC that has multiple members but no operating agreement, state laws might require the firm to dissolve and re-form.Besides management and membership changes, the operating agreement should address profits, losses, and taxes. Most LLCs are pass-through organizations. This means the company's profits and losses are passed through to the members, who report them on their personal tax returns. The Internal Revenue Service (IRS) will normally tax a single-member LLC as a sole proprietorship. If an LLC has two or more members, the IRS will tax it as a partnership. The members of an LLC (including single-member entities) can choose to have their firm taxed as a corporation by filing Form 8832, titled Entity Classification Election, with the IRS.How to Form a Limited Liability CompanyThe first step in creating an LLC is to choose a name for your firm that meets your state's requirements. Some states require the words "LLC," "Limited Liability Company," or a variation thereof in the company name. Next, you'll need to select a registered agent who resides in your state. Your registered agent will be responsible for receiving official documents (like lawsuits and subpoenas) on your firm's behalf and forwarding them to your firm's management. The agent may be a member or manager of your LLC or someone outside the firm.The next step is to draft your company's operating agreement. You can hire an attorney to write your agreement or draft one yourself using a template you've obtained online. Once your agreement is completed, you can create your articles of organization by filling out a form provided by your state's Office of the Secretary of State. Here are some of the details you'll be asked to provide:Your firm's name and addressYour firm's business purposeYour registered agent's name and addressNames of the individuals or company that will manage your firmOnce you've completed your articles of organization, you'll need to sign the form, submit it, and pay the required fees.Pros and Cons of a Limited Liability CompanyProsFlexibilityProtection from liabilityPass-through entityConsOwners must pay self-employment taxAn entity may be subject to other taxes or feesBanking restrictions and feesPros of a Limited Liability Company ExplainedFlexibilityA key advantage of an LLC is its flexibility. Members can decide how they want the firm to be managed and taxed.Protection From LiabilityExcept in cases such as fraud, LLC members are generally protected from liability arising from lawsuits against the firm or debts the company assumes. If the LLC is the subject of a third-party suit or a claim for an unpaid debt, the members' assets cannot be used to pay damages or the debt.Pass-Through EntityIn an LLC, profits and losses are passed through to members, who include them in their personal income taxes. LLC members may be eligible for a 20% pass-through deduction under the Tax Cuts and Jobs Act of 2017 (TCJA). The TCJA allows non-corporate taxpayers to deduct up to 20% of their qualified business income (QBI). QBI means income earned from a U.S. trade or business, and excludes capital gains and losses, certain dividends, and interest income.2 In 2020, the deduction was allowed only for individuals whose income didn't exceed $163,300 for single filers or $326,600 for those who are married and filing jointly.3Cons of a Limited Liability Company ExplainedSelf-Employment TaxMembers must pay their own self-employment tax (for Social Security and Medicare), which has a rate of 15.3%. Members may deduct half of this amount as a business expense.4Other Taxes and FeesA second disadvantage is that an LLC may be subject to an annual state tax, an annual fee, or both. In New Hampshire, for instance, LLCs are included in the definition of “business organizations” and are therefore subject to the state’s business enterprise tax (BET) and business profits tax (BPT) if gross business receipts exceed $150,000 or the enterprise value tax base was greater than $75,000, respectively.5 Meanwhile, in California, an LLC must pay $800 to the state whether or not it's conducting any business. If the firm's annual income exceeds $250,000, it must also pay an annual fee that ranges from $900 to $11,790.6Banking Restrictions and FeesWhen it comes to banking, any check made out to an LLC cannot be cashed, but instead deposited into a separate corporate account. Some banks also have higher fees just for businesses that are incorporated.
What is your intraday strategy to handle loss?
Intraday or not, we don’t handle loss.The most peaceful time of the day is when I am in a trade because that’s when I have nothing to do.Once the learning curve is completed we build a vast trading system to deal with various instruments and under different http://circumstances.My trading system consists of several trading processes, each to be utilized under different circumstances for different securities I trade.So, the trading system is like the tool box with different tools i.e. trading processes, for me to use according to when I deem fit.However, every process has the same structure. It’s the same flow chart before I enter a trade.Trading IdeaFundamental AnalysisTechnical AnalysisMy PsychologyRisk ManagementAnd once I’m through these five, I hit the buy/sell button.Once entered a position, I already have my stop (never too tight) and target in place.And that’s it, I’m free. Price will either hit my target or my stop, and because I’ve taken a well calculated risk, I know the possible outcomes. Either + or - and the extent of the gain or loss, as I’m already mentally prepared. So, there’s no question of Handling anything.It’s this approach which makes us so well equipped that what seems like a war zone to most, is just another day in the play ground to us.Don’t leave ends open. You’re in your best psychological state before you enter a trade. :)This taught me actual techniques rather than the usual useless theory: #1 Swing Trading CourseGive this a watch.Text version:after a big red day you’re always sitting there with yourself thinking how do I deal with this of course I’ve had the situation of throwing my computer across the room sometimes I’ll try to bury the pain with ice cream just try to eat the heartache away just make it disappear I’ve just had enough of course when that doesn’t work sometimes you drive to the liquor store and you get a case of your favorite alcohol maybe it’s whiskey some gin some tequila some vodka maybe you mix them all together see where that lands you well next thing you know you’re staring into the mirror crying saying Who am I what’s wrong with me why did I lose so much money today of course by the end of it you’ll find yourself curled up on the floor in the fetal position rocking back and forth and that’s never the way you like to end your day so what we’re going to do here today is talk about loss and maybe some better ways to handle the emotions that come with being a full time trader now losing is something that we all experience from time to time a course on Monday I closed the day with 2600 dollars in losses and I went through all of those emotions the frustration the anger the heartache and at the end of it I was able to come back to the knowledge that I’m the same trader who’s up a hundred and fifty seven thousand dollars on the year as of today I’ve bounced back and I’m up 161,000 on the year despite those gains I’ve had ten losing days this year that have cost me a total of 33,000 dollars in losses and that’s painful right there’s no way around that having a day where you lose $5,000 or $6,000 is a frustrating thing to have happen and it’s not something that’s gonna happen you know if you’re working almost any other job you know you don’t usually lose money when you go to work typically you make money you go to work you know you do your nine to five you walk away at the end of the day and you’ve got a profit well that’s not true with day trading and it’s also not true with being self employed no matter what type of job you may have if you’re you know running a fishing boat maybe you know you have an oil leak and you’ve got a replaced part of the engine and that’s going to cost you 5,000 so I think these are some of the struggles that come with being self employed and a lot of the people that are interested in learning how to be you know full time day traders and self sufficient are the type of people that are entrepreneurs and that have their own businesses or have wanted to in the past so some of these emotions may not be completely unfamiliar but for me when I started trading it was something that I wasn’t expecting and in reality one of the biggest obstacles to trading success for most traders and I say this having worked with thousands of students are the emotions it can be extremely difficult to handle loss right think of a homebuilder right you do construction but every three weeks someone comes along and knocks down half of the house that you just built and you’ve got to rebuild it sure you’re making progress but every couple weeks someone comes along and knocks down part of part of your your work how frustrating would that be well as day traders that’s something that we actually deal with on pretty much a weekly basis you take three steps forward and one big step back so over the course of the week hopefully you made a net profit of you know two steps forward it’s not always going to be the case you have to get used to getting knocked down and rebuilding having that ability having that mentality to get back up on the horse after a big red day and my worst losing day ever was over thirty thousand dollars right but if I hadn’t gotten back on the horse and fought through those emotions I wouldn’t be here today you know I’ve had to fight through all of the same stuff and so for a lot of beginner traders these types of frustrations and setbacks can be enough to knock you out of the game you know because you can fall into that that dangerous cycle of revenge trading which is when you in response to a big loss start trading more and more aggressively to try to recover to try to you know compensate to get out of the hole nine times out of ten makes the hole twice as deep and you know some traders they they really get broken down emotionally after having a few big losses trying to bounce back getting bigger losses and in reality you can blow up your account in a matter of 10 minutes making bad decisions which is a scary thing you always have to be in control you can’t allow your emotions to guide your trading behavior so if you find yourself trading from a place of anger or frustration it’s a really good idea to shut down the platform and walk away right to throw in the towel for the day I learn that the hard way as a beginner trader I would get frustrated I would get angry and I would continue to trade and of course when you’re already agitated and you keep trading you know the next loss that happens is just going to make you even more agitated I sometimes talk about um you know racecar driving when you’re driving a racecar and you make a mistake and you crash the car you’re done right you’re out of the race you’ve got to go fix your car and you’ll come back you know next Friday night for the next race but with trading when you make a mistake well you can take another trade immediately so you don’t get time to think about and reflect on why that mistake happened you have to force yourself to take the time to reflect and one of the things that I fortunately always did after a really big losing day as a beginner trader is I would pour over all of my data I would look at my Excel Docs right I would try to understand where I went wrong and how I can prevent myself from having this kind of situation happen again now inevitably I did make the same mistake more than once from time to time and it did take months and really years for me to develop the level of self awareness and emotional control to you know trade through the ups and downs that will be part of ever the stock market but here I am today so what I can tell you from you know my own experiences and from working with so many students is that there are a few things you can do today to help you get better handling loss the first thing you can do is track all of your trades in an excel doc track all those trades and categorize them by the type of trade it was the setup the strategy the time of day the price you can actually download you know my free doc it’s on warrior trading under free trading tools and you can use that it’s a template it’s the same document that I use every day by doing that you’re creating you know this historical data that you can go back and look at when you’re having one of those bad days and I do this for students almost every single day I look at these trade sheets sometimes they send them to me after they’ve had a bad day other times it’s just part of our routine mentor sessions and what I look for our statistics I try to understand their data what are they good at what are they bad at where can they use improvement where should they focus their energy it always helps when you have a bad day to create a game plan in the first start of the game plan for me was always looking back at my dad and then I would say okay you know what can I do tomorrow to improve my trading and if I had a big loss let’s say I was trading news or let’s say I was chasing a stock and I bought it way too high I would tell myself okay tomorrow you need to only take trades that have a really strong five minute setup no scalping the one minute note chasing news if I can’t print out a you know a screen capture of that chart and you know tack it to my wall and look at it tomorrow and say that was a great setup I shouldn’t take the trade to begin with so that means that you’re increasing this the quality standard for every trade you take right by increasing the quality standard you’re going to increase your accuracy and you’re going to reduce the number of times that you’re losing right and it’s obviously easier to do deal with loss if you lose less so by increasing your quality standard you increase your accuracy you have better results that’s the first thing you can do all right now the second thing you can do and something that I would encourage every trader to do is have a max loss you need to know that line in the sand where when you cross it you’re done for the day for me my max loss is $1,000 so granted I had a $2,600 loss on Monday it’s because by the time I was down more than $1,000 I was holding 10,000 shares and by the time my order got filled the loss was 2,600 but because I have that max loss I was not able to initiate a new trade that day so yes I can close my positions whether it’s down 5,000 or 6,000 or 2,000 but once I’m down below a thousand in net losses I can’t take any new trades I did that to create that that period of time for reflection right I actually had my broker put this on my account so I delegate that responsibility to my broker and I’m not going to call them when I’m really frustrated and say hey can you you know can you take away my max loss for the day and that’s just too embarrassing and I wouldn’t do it so by having that on my account I have not taken one trade since being down more than $1,000 and that’s what stopped me from having a day where I go from being down 2 or 3,000 to being down 6 or 7 or 8 thousand so it’s kept the losing days smaller right you can do that and that will really help you you want to delegate some of these really hard tasks to your broker because they want to see you succeed they don’t want to see you blow up your account and close your account right that’s bad for their business so if they can do something to help you be successful they’re going to do it so start tracking your trades in Excel dock only take the best quality trades okay have a max loss on your account all right those are two things you can do today to help you 1 reduce the losses and to you know prevent the situation of having revenge trading and snowball days and then lastly what I encourage all of our students to do is to take notes while you’re trading if you’re looking at a set up and you’re thinking I’m going to get in this quickly write down how much you’re risking okay what’s your stop because so many traders get into trades and they don’t know what their risk is you don’t risk $10,000 to make a hundred right here is ten thousand to make twenty thousand but most of the time I’ve talked to a trader who lost ten thousand dollars it was not because they had the potential to make twenty thousand it’s because they guided to a trade looking for 400 or $500 profit and you know they screwed up and held it held and held it and next thing you know you know they’re down ten twenty thousand dollars whatever might be alright so you’ll always have to know what you stand to lose now you will have losses as a trader my accuracy varies between 65% and 70% at its highest that means every single month yeah 30% of my trades are going to be wrong so I’ve had lots of practice losing and I can say from all of this practice and all of this experience that losing is not a big deal it’s not something to be afraid of it’s part of our job what we have to be able to do is manage the loss keep the losses small and most importantly not allow not allow ourselves to get emotionally you know ruffled from the loss to the point where it impacts our trading so this requires a pretty high level of self awareness and I have it at this point you know there are days where I’ll be sitting here and I feel in my chest this frustration building you know the blood pressure rising you know and it’s not always caused by training it can be caused by you know something else going on in my life but once it starts I know that I’m feeling frustrated I’m feeling aggravated I’m more apt to make you know kind of a hasty decision with a trade and that’s not when I’m on my on my game you know in this market we’re trading against some of the best traders in the world some of those traders are making you know millions of dollars a year so if you’re going to compete against those kind of traders you need to always be on your A game for me trading 2 hours a day I find that I really can only be on my a game even at best for about 2 hours I can’t hold myself to maintain discipline very well through you know the entire day from 9: 30 until 4: 00 p. m. I learned that by studying my track record and studying the historical data right I learned this trend that I did really well in the morning and I gave back money in the afternoon so I made the commitment to stop trading in the afternoon you know I found that I had a lot of losses on breaking news so I made a commitment to trade it less and when I took trades on it I traded with smaller size you have to adapt to the market you have to you know make adjustments to your strategy based on your results so this is something that I’m gonna you know happily help you with for all of our students that are in the warrior Pro courses I like to go over your trade sheets I like to see what you’re doing I like to check in students that are in that class are also trading on the simulator and that allows me to really watch what you’re doing in real time so if you’re making mistakes you know I can see that and I can help point you in the right direction all right guys so I hope this is helpful I know that you may be watching this you know after having a red day and I hope it helps you know helps you kind of see the light and cheer up a little bit maybe you’re watching this having just finished a great day and so I’m happy for you if that’s the case but regardless of the situation you guys can always email me Ross at warrior trading comm I been there you know I’ve gone through trading ups and downs and I’m here as a sounding board or just event you guys can always reach out so alright thanks guys I’ll talk to you guys soon..
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