Confused About Taxes?

[umfan92 10]

Ok well I've never realy dealt with taxes as I am only 19 years old. Can someone please explain or give a link about how to go about taxes and trading? I want to make sure I'm doing everything correctly. Thanks.

[wrbtrader 10]

Ok well I've never realy dealt with taxes as I am only 19 years old. Can someone please explain or give a link about how to go about taxes and trading? I want to make sure I'm doing everything correctly. Thanks.

 

There are several decent books on the topic at Amazon or your local library on the topic of "trader taxes". You can also make an appointment to see a tax accountant or IRS representative. Yet, don't make an appointment to see a tax accountant or IRS rep until you've read up on the topic of trader taxes so that you will be prepare to ask them specific questions that may deal with situations you're personally involved in.

[umfan92 10]

Thank you wrbtrader, that sounds like a good idea. Generally what happens though?

[C4Warrior 10]

Hi umfan,

 

Assuming you're in the US and the taxes you are talking about are capital gains taxes, the rates are conveniently listed in wikipedia under US capital gains taxes. You simply need to list your capital gains along with your income level, and you'll be taxed at, probably, 10-15% for those gains. However, wrb has the right idea. You should talk to a tax professional since you're just starting out and your parents (ironically) apparently didn't bother to explain this stuff to you.

 

No worries, my parents didn't explain any of this stuff, either. The tax pro will explain everything to you if you ask. Just make sure you bring all your financial records. It'll cost you, of course, but given that you're only 19 and therefore have an income level that will probably generate a tax refund; you'll only lose $50-$100 out of your refund, as many tax places base their profit on your refund. Your capital gains probably aren't high enough to negate the refund, so I'd recommend asking the tax pro at least once and paying close attention so you can do this stuff by yourself from now on.

 

Sadly, as you get older, taxes only get more confusing, not to mention more unfair. The idea is that the more successful you are, the more children you have, the more productive you are, the more assets you own/produce, in any sense, the more complicated your taxes become. Beyond that, I have no advice to offer other than to say that it should be apparent how counterproductive taxes are to young people like you trying to make a future for themselves.

 

Semper Fi

-James

[umfan92 10]

Thank you James. I appreciate it. I will be talking to a tax professional soon.

[henryduncan12 10]

Ok well I've never realy dealt with taxes as I am only 19 years old. Can someone please explain or give a link about how to go about taxes and trading? I want to make sure I'm doing everything correctly. Thanks.

 

Hii I think FX-Insights: Leading Daily Forex News and forex trading strategies this can help you or you can read various new regarding forex trading and try to follow famous trading personality on twitter.

[obradovicmilica 10]

in college I had a test question about taxes and about how the president is elected in America.By the way,i am from Europe