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Author: indiaaditi Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Need SIIMPLE guidance to tax on stock profits Date: 2/21/2000 9:00 AM
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All the posts I have seen deal with problems way more complex than mine. Due to a career transition I have an entry level job. I made about three times my salary in securities (holding securities 2 weeks to a month). I left the money in my on-line accounts to keep trading with it. (I am looking to retire in about 7 years when I am 63). The tax hit was even harder than I expected.

1) Should I just put most of my salary into witholdings for next year?
2) What do other people do to handle the tax on investment earnings?
3) Is there anything I should be doing to decrease the tax bite?

Thanks!
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 29576 of 121061
Subject: Re: Need SIIMPLE guidance to tax on stock profit Date: 2/22/2000 11:40 AM
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<<All the posts I have seen deal with problems way more complex than mine. Due to a career transition I have an entry level job. I made about three times my salary in securities (holding securities 2 weeks to a month). I left the money in my on-line accounts to keep trading with it. (I am looking to retire in about 7 years when I am 63). The tax hit was even harder than I expected.

1) Should I just put most of my salary into witholdings for next year?>>

I suppose that you could, but there may be better ways to handle things. Read more about estimated tax in the Taxes FAQ area.

<<2) What do other people do to handle the tax on investment earnings?>>

I'm not sure that I understand your question. If they make gains, then generally pay taxes. There are many sophisticated ways to avoide some taxes, but tax avoidance is up to the individual.

<<3) Is there anything I should be doing to decrease the tax bite?>>

This is the essence of tax planning.

What you have asked is not simple. It's incredibly complex, and can't possibly be answered in this type of forum. You can begin reading and understanding the tax laws overall, in an attempt to take advantage of them, or you can get the help of a qualified tax pro. But it's not close to being easy.

TMF Taxes
Roy



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