I was wondering if anyone has received their 1099’s to file taxes from public yet? Is there a way to get them before February 15th? I was hoping to file by Saturday. I would appreciate any help or feedback. TIA #taxes
As we move toward the end of the year I just want to put out a reminder about capital gains tax.
Remember, if you sell for a profit after owning a stock for less than a year you are taxed at a much higher rate than if you hold for a year or longer.
Reference the graphic below I'm sharing from the WealthSquad Instagram page for all the numbers.
Me to me: One of many advantages of #longterminvesting is that we pay much less in #taxes than if we are an active #shorttermtrader (those who keep their #investments for 365days or > ). So, like “date with intent to marry” ?lol otherwise if we play around, we pay tax at a top marginal tax rate…This could be anywhere from 10-40% ?! 💀 #Longterm#capitalgainstax are either 0%, 15%, or 20% at the #highest (depending on our #income ). Thanks for coming to my TED Talk.
TurboTax is being sued by the government, those advertisements they were running about filing your taxes for free….. turns out you actually have to pay 🤷🏽♂️. The jig is up $INTU it was a good run but at least people won’t mind paying extra for a service that eases the use of filing your own taxes, it’s not like the IRS makes it any easier even for free. #taxes#marketing#thatswild
With crypto comes taxes 🗂️📑👨🏾💻. MarketWatch breaks down the basics of crypto and taxes in this helpful video below 🤓🔻 👇🏾:
⚠️️ Nothing beats the advice of a certified public accountant or tax preparer who can assist you with any tax-related questions.…See more
Paying taxes is a must, but avoiding taxes should never dictate your investment strategy. That is why they say "Don't let the tax tail wag the dog." With that being said, learning to be tax efficient is helpful and keeps you from leaving money on the table. A #NewInvestor should first be aware of what short and long term #CapitalGains and #CapitalLossesare. Once comfortable with this then you…See more
⚠️Don’t get washed out⚠️
There have been some quality posts lately tackling the end of year investment options.
Whether you’re going to sell to consolidate, sell to realize capital loss, or sell because you simply want to move on, remember this rule.
The Wash-Sale Rule (Investopedia)
The wash-sale rule is an Internal Revenue Service (IRS) regulation that prevents a taxpayer from taking a tax deduc…See more
I see a lot of people sell stocks within a year of holding. How do you manage capital gains? My understanding is that if you sell within 365 days of a purchase, you owe the IRS 40% off the profit (capital gains).