How do I lower my tax exposure?
i’ve been trading a bunch and made a decent amount and its going to fall into the short term gains. anybody have any legal advice on how to not pay more than i need to?
i’ve been trading a bunch and made a decent amount and its going to fall into the short term gains. anybody have any legal advice on how to not pay more than i need to?
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Too late now. You need to think about tax implications before you start trading if that's something you're going to try and optimize for. At the very least understand the wash sale rules so you know how to avoid taking losses that won't reduce your net profits. If you've been doing this in a personal brokerage I think that ship has sailed already and you're going to owe whatever you're going to owe. I feel the pain man, short-term cap gains suck and it's been a great start to the year already...
Well first, you should come to grips with that fact that you are being an absolute POS for wanting to skirt your duty as American citizen. It's not enough you have been given the ability to generate wealth without doing a thing, but you have to take it a step further, and not contribute to the society that gave you such a privilege. It's honestly sickening to me, do you think an oil driller, coal miner, or garbage man gets to avoid his tax bill? Additionally, trading is one of the slimiest ways to make money. Unlike it's respectable cousin, investing, which allows businesses to grow, and jobs to be created, you just come along and want to extract a quick buck at the expense of someone else, and be on your way.
Once you've realized what type of human being you are, I suggest you talk to a CPA / tax attorney, especially if you have been dealing with derivative securities, as the tax implications, and planning strategies can be very complicated, and failure to comply can mean fines and interest. As another poster said, it is generally best to think about these things ahead of time, although in general, unless you are dealing with a huge amount of money, or are retired and need income now, my opinion is that taxes should not be a key driver in your decision making.
Edit: Not sure why the MS being thrown my way, I think this is entirely reasonable advice for OP, wtf?
Edit 2: Again, no one has pointed out a problem with the tax advice. Taxes around trading can be extremely complex, so what's wrong with speaking to a licensed professional on the subject?
Paying taxes is unamerican
This isn’t Reddit.
Everything that’s wrong w America in one simple post. The best part is the edit about not understanding why people are throwing MS. Someone give me a SB so I can MS this dude I’m all out
edit: there’s hope for humanity
Lots of people overpay on their taxes; seeking to pay the lowest amount possible doesn't break the 'duty' of an American. Also, I don't think you understand the concept of trading and its benefits to society. Its sickening to me how ignorant you can be and then be condescending in your ignorance. It makes you look like a fool.
So now trading is the bad guy again? What is investing without trading? They are both related and to diss one just makes you look stupid. Maybe you should pick up a book and read some more.
He/she said lower not do not pay taxes and funnel money to caymans. You really cant figure out why you got MS...lord. Also you have no idea what philanthropic things they do or anything about their lifestyle.
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