April 15, 2016
I am glad to know this strategies and information. Will surely try this soon.
well, let's see, you've just made $ 61 profit, which will be sjcbeut to taxes. If you don't make a living doing it, it will be taxed as capital gains, but if you hold the stock for less than 1 year it will be short-term capital gains, which is taxed at your regular tax rate instead of the more favorable long-term capital gains, which are taxed at a maximum of 15%. And some states tax short-term capital gains a lot more than long-term capital. Massachusetts for example taxes short-term capital gains at 12% and long-term capital gains at 5.3%. Now, if the day trading is your job, then your profit on selling stocks will be sjcbeut to regular income tax and also self-employment (SE) tax, which is 15.3% of 92.35% of your profits. You will need to keep track of all your profits and expenses in that case to accurately report your business income.
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