So far I've made an average of almost $1,000 per day this week.
Assuming that I can keep this up for a long time, I'll need to be prepared to pay taxes on my profits...
Here's how I figure I should manage the money...
At the end of each week ill move a % of the profits:
- 25% of profits to a tax account that I wont touch until tax season...
- 25% to my checking/savings account for personal use...
- 50% stays in my trading account to grow my "business"
How would you guys do it?
Posted Feb 10, 17 7:10 AMbybrandonw90523
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Basics
How I plan on doing it is to build account equity up to my max limits. End of the month anything over the lmit taken as profit. Estimate tax for the month put that away.
Oh and keep track as you go. I made 400 forex trades last year, I now have to manually type them all in.
@GraniteState I hadn't thought of trying to make quarterly tax payments. That's a great idea. I will definitely work that idea into my plan, thank you!
My thoughts are the same but I like the idea of doing it quarterly.
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