Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?! -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (255)	1/19/1999 12:19:00 AM
From: Judith	Read Replies (1) \| Respond to of 611

Speaking of the IRS... I don't think I read anyone discuss paying the huge capital gains taxes for a successful year. I would guess many people thinking of daytrading are not thinking of putting aside the taxes from their profits or sending in estimated taxes each quarter. If you don't, be prepared to reduce your trading portfolio big time, at tax time, and possibility pay a tax penalty for not sending in estimated taxes. You need to have enough profits to pay your bills, pay the IRS quarterly, and still have a reasonable size trading portfolio. Since I still have my day job, perhaps someone else can speak to any differences regarding tax payments, if you are a full time trader. I understand there is a distinction made for someone who actively trades full time. Judith Judith