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Started By
Message
Taxes. How do I minimize the pain?
Posted on 11/20/20 at 8:55 pm
Posted on 11/20/20 at 8:55 pm
I have never had a year like this before.
I just sat down and calculated how much i will owe Joe Biden, i mean Uncle Sam.
This is theft how much money the US will confiscate from me after I put my life savings at risk and managed to pick some winners this year.
Suggestions for a good CPA in the South Baton Rouge, Gonzales area?
I just sat down and calculated how much i will owe Joe Biden, i mean Uncle Sam.
This is theft how much money the US will confiscate from me after I put my life savings at risk and managed to pick some winners this year.
Suggestions for a good CPA in the South Baton Rouge, Gonzales area?
13
Posted on 11/20/20 at 8:58 pm to 1234567k
You haven’t been calculating this along the way and setting aside funds? That’s on you my guy. I went to a CPA for our taxes last year. There was nothing hidden they found if you’re not itemizing. Now that the standard deduction increased, we aren’t itemizing. Most tax software is just as efficient as a CPA. Again though, you have to trust user inputs.
Posted on 11/20/20 at 9:03 pm to 1234567k
Just buy a farm and write everything off like everyone seems to think you can do
Posted on 11/20/20 at 10:09 pm to 1234567k
I’m with you. I got crushed my covid, so I took a couple of extra jobs (without withholding); but I made more money at those than expected and so I owe the government a good amount, now that I finally climbed out of my financial hole.
Posted on 11/20/20 at 10:17 pm to DiamondDog
quote:
You haven’t been calculating this along the way and setting aside funds?
Yes i have.
But i was just just hoping there was some way to delay the theft.
Hoping i could spread the payments out over time or buy a farm and write it all off. lol
Posted on 11/20/20 at 10:20 pm to jimbeam
Numerous family owns farms abd they say that often. It doesn’t make sense to me.
Granted the one married to the cpa doesn’t exactly do that
Granted the one married to the cpa doesn’t exactly do that
Posted on 11/20/20 at 10:23 pm to eng08
I see why you majored in engineering lol
Posted on 11/20/20 at 10:31 pm to 1234567k
quote:
I put my life savings at risk and managed to pick some winners this year
quote:pick some losers, too.
How do I minimize the pain?
Posted on 11/20/20 at 10:36 pm to 1234567k
I’m going to be writing a large check this year. Sucks but is what it is. Plan for it
Posted on 11/20/20 at 10:53 pm to castorinho
The classic strategy of losing money to save on taxes 
Posted on 11/20/20 at 11:46 pm to 1234567k
If you are talking about this year, your tax rates have not gone up yet.
Posted on 11/21/20 at 7:38 am to 1234567k
Congrats, I’m now dumber after having read your thread.
I’m assuming you’re taking some big ST capital gains. If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
You don’t really have a lot options trying to avoid taxes after the fact. That should be done prospectively if you feel like it’s going to be a concern.
I’m assuming you’re taking some big ST capital gains. If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
You don’t really have a lot options trying to avoid taxes after the fact. That should be done prospectively if you feel like it’s going to be a concern.
Posted on 11/21/20 at 7:44 am to 1234567k
I think a lot of new traders are going to be shocked at how much they owe in taxes because they are trading in and out of stocks on a short term basis. I had to learn that lesson the hard way, too.
Posted on 11/21/20 at 8:08 am to southernelite
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If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
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Could someone please elaborate on this statement? what's the surprise?
If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Could someone please elaborate on this statement? what's the surprise?
Posted on 11/21/20 at 8:19 am to southernelite
quote:
I’m assuming you’re taking some big ST capital gains. If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
I have dumped them. But please explain the surprises.
I still have a position in a stock that made and lost a lot of cash but it has made more than it lost. Should I sell before Dec 1st?
Posted on 11/21/20 at 8:41 am to 1234567k
quote:You might want to read up on wash sale
I still have a position in a stock that made and lost a lot of cash but it has made more than it lost.
Posted on 11/21/20 at 9:30 am to 1234567k
Wash sale rule. If you sell for a loss and rebuy the same stock within 30 days then you can't claim the loss for tax purposes. If you want to reduce your taxable income for the year contribute to a traditional IRA, contribute to your children's 529 plan up to the taxable deduction limit. Increase your pretax 401k contributions. Short term capital gains are taxed at your current tax bracket so anything you can do to reduce your "taxable income" will help.
This post was edited on 11/21/20 at 9:34 am
Posted on 11/21/20 at 9:50 am to 1234567k
Have you not been making quarterly estimated tax payments? 
Posted on 11/21/20 at 9:55 am to tigersfan1989
Yep, wash sales will bite you in the arse churning in and out of positions.
Posted on 11/21/20 at 10:23 am to VanJoe
quote:
Could someone please elaborate on this statement? what's the surprise?
It becomes a wash sale if you purchase a stock back within 30 days. You no longer get to count the previous loss on your taxes. Worst of both worlds because if you have a gain you do have to pay taxes on the gain. Ouch!
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