Posted by admin | Posted in Best 2010 forex signal service | Posted on 25-07-2010
Tags: broker, currency, finance, forex, trading
Why when signing up for a Forex Account?
through an online broker they need my passport number?
they ask for your passport (or in other cases, a valid social security number) for a few reasons. For one this can help to prevent money laundering (one person “depositing funds” in an account that lives in the u.s. and another person, say from columbia or mexico “withdrawing funds” only to be using that as a means of transfering payment for a marijuana or coccaine deal or something like that.
Also another reason (at least in the U.S.) is that any gains received is technically considered INCOME and with any income you receive you have to pay taxes on. This is reported to the IRS. This works both ways though. If you do bad an have a loss like i did my first year (i started trading in mid december before i knew what i was doing and lost $320) you there fore can report that as a loss, and get it subtracted when figuring your Federally adjusted gross income.
If you start doing really well you need to keep this in consideration. So I for instance, at the end of each month any gains i made for that month i transfer 35% of my monthly gains to a separate account. (your percentage may vary or may need to use a tax table if your income is below $100k/yr) This way when it is time to pay taxes, your money is right there, and if you put it in a CD or something you can even earn a little interest in the mean time before it is time to turn it over in april.
hope this helps
“PIPS”
Hope this helps
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