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You could not create an investment management firm and have yourself as your only client.
You could only deduct fees and expenses related to your generating income (revenue) from outside clients.
Do you mean that even if I have other clients, I have to keep separated my personal investments and my outside clients investments and will never be able to manage both of them in the same way?
You can manage both in the same way, but you would be creating taxable income for yourself. You would have to pay yourself, and then you would be paying self employment taxes on that revenue.
You would have to pay yourself the same fees as you charge anyone else
So you are saying it is legal if I consider myself as 3 different people from a taxable point of view: 1/ the administrator of the company 2/ the owner of the company and 3/ a customer of the company, each person being treated separately (paying relevant fees, taxes, etc.). Am I right?
Yes that would be correct
good, thank you :)
But I don't think it's smart, because you are creating yourself taxable income.
that would increase your self employment taxes
ok, thank you!
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I'm good, thanks. I will