Comment Re:Remove emotion from stock prices (Score 1) 234
About paying taxes early...
Something to keep in mind is that, depending on how much you make and how much you profited selling your shares, you may be REQUIRED to make estimated tax payments (i.e. file a form 1040-ES). Otherwise you may end up paying a penalty at the end of the year. Whether you had a tax liability last year factors in as well... look at the 1040-ES and Publication 505 for more info.
At least, this is my (limited) understanding of the tax law.
Oh, and when you're figuring out what your usable profit is, don't forget to factor in state and local taxes too! (Some states might also require payment of estimated taxes during the year, I'm not sure).
Something to keep in mind is that, depending on how much you make and how much you profited selling your shares, you may be REQUIRED to make estimated tax payments (i.e. file a form 1040-ES). Otherwise you may end up paying a penalty at the end of the year. Whether you had a tax liability last year factors in as well... look at the 1040-ES and Publication 505 for more info.
At least, this is my (limited) understanding of the tax law.
Oh, and when you're figuring out what your usable profit is, don't forget to factor in state and local taxes too! (Some states might also require payment of estimated taxes during the year, I'm not sure).
