Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Colin Cody who wrote (2490)	12/13/1999 8:09:00 PM
From: k.ramesh	Read Replies (1) of 5810

Isn't estimated taxes another PITA that the individual trader investor has to contend with. If you invested in a mutual fund , you find out only in Jan whether you made +10% or +40% or - 25% and pay in Jan- April. I do taxes for another person, who did not work for 2nd part of the year, which reduced the withholding, compared to prior year. The person had trading profits in Q1, Q2, but then has the choice of selling losers to mostly offset it. Last year est. taxes were not an issue due to hefty withholdings, this year however she has low withholdings, which prevents the safe harbor part of the rule from being useful (withholding should be 100% of prior year taxes ....) Should one start paying est taxes in Q4, or reluctantly sell losers in the hope of reducing the cap. gains. And if one goes ahead with Estm taxes do you file only for Q4 or file all 3 prior quarters. I have read the relevant portions at fairmark.com and the requisite Pub. 505. Records are not a problem, I have gains by Qtr as well as scenarios if I take certain losses Thanks Ramesh

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