Can anyone clarify the average tax %rate on short term capital gains? I'm hearing between 25-30% on US markets. That seem's quite high but I guess if you're earning enough and using it as general income it's about right. Also does anyone have any Excel spreadsheets or template's set up to help you with accounting? I've got one going but I'm interested in seeing how other people are recording and reporting as well.
I don't care, it does not matter to me. You cannot get out of taxes. If I get paid a $1 at work, it's the same as I make a $1 trading.
If you really want to know, look in the schedule-D in your 1040 book. If you don't have one, you should be able to download one at IRS.gov. I have never gotten hit (penalized) from a Schedule D earnings; not even from the (my) state, though I'm sure they don't like the way I report it. I'd argue against paying anything before December, as there is no guarantee I will keep the gains I made until the end of the year... I could do something stupid, or something like that.
Even if you make $10,000 it really don't have that much impact anyway...Maybe 3000 to the fests and 500 to the state... yeah it sticks paying it, but I'd rather use it to trade and/or collect interest until I have to pay it.
Topic: Taxes and Reporting (Read 2909 times)
