bearvsbull
Junior Member
I am a divorced female working as a full time employee and I do intra-day stock trading with the help of my son who is 24years old.
All my securities are in my account but I share my password with my son to do intra-day stock trading on my behalf.
My son has left his job and doing it as a full time job for me.
How can I save on taxes and get benefits as a business woman-
Should I declare that it is all my son's income and transfer my account under his name because my wages are more than 100,000.
Should I declare myself as a business woman(if there are some benefits on it) and keep my son as my employee and give him legal authorization to do stock transactions and provide him medical insurance also, which may need me to get Federal tax Id.
I am confused. I do like to have my business one day and I am worried about taxes too.
Thank you!What is the name of your state (only U.S. law)?
All my securities are in my account but I share my password with my son to do intra-day stock trading on my behalf.
My son has left his job and doing it as a full time job for me.
How can I save on taxes and get benefits as a business woman-
Should I declare that it is all my son's income and transfer my account under his name because my wages are more than 100,000.
Should I declare myself as a business woman(if there are some benefits on it) and keep my son as my employee and give him legal authorization to do stock transactions and provide him medical insurance also, which may need me to get Federal tax Id.
I am confused. I do like to have my business one day and I am worried about taxes too.
Thank you!What is the name of your state (only U.S. law)?