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normal post Forums Author Topic: Tax rate
jkathome
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xx Forums Tax rate
on: August 5, 2012, 06:26
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I am trading on a Banc De Binary Demo account now, when I start to trade with real money what is the tax rate (basically) I will want to set aside from my net winnings to pay my quarterly's? I know I will have to hire a CPA and possibly become an LLC etc. but I am hearing 15% and 40% so I just need clarification.
Jake-
Savage
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1331095564626 original Forums
xx Forums Re: Tax rate
on: August 5, 2012, 13:40
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Depends on where you live. I'm in Canada where it's tax free - considered to be gambling. The US of course is taxed on everything.
Transistor
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bull Forums
xx Forums Re: Tax rate
on: August 5, 2012, 13:52
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Don't look for this answer now. You have plenty of time before you become a consistant winner (at least if you are a beginner in this biz)... So don't waste your money for an attorney or a counselor or whatever... Just focus on your ITM% and you will be fine icon wink Forums

munson41
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parker 139 Forums
xx Forums Re: Tax rate
on: August 5, 2012, 16:35
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I fully agree with transistor, but 15% for now until tax cuts are cancelled out later this year, then 35%.
munson41
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parker 139 Forums
xx Forums Re: Tax rate
on: August 6, 2012, 03:19
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correction. no tax revamp on capital gains this year.
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