I buy stocks and sell stocks short & long terms. (most short terms).
Should I create LLC or S corp? Will I get 1099-MISC from my broker?
which form will save me more money. I do plan to pay myself salary (if its a good year in 2021)
Try reading up on your options. There's lots of good information out there on the internet. Also consider any general legal and state implications. But keep in mind that the tax law can (and does) change.
I know, my state allows S Corp.
what I am asking, if I should create LLC (income & expenses) whereas, S Corp I have to pay my salary. I expect to make $35K from stocks this year.
Is it worth the hassle to go for S Corp? Do I save more money from S corp? I read on internet that S Corp saves alot of money. I need to know, if Stock investing would be good for S Corp.
Please see this:
S Corporations | Internal Revenue Service (irs.gov)
But you may wish to read up on LLC's and stock investing first. Long term capital gains are generally taxed at a lower rate than ordinary income. Or consult a local professional first.
I’m a day trader. I prefer to use business expenses to reduce tax on short term gains
the main reason to incorporate is to protect yourself from a lawsuit that could take every penny you have.
Otherwise, buy umbrella insurance.