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The real question is if you get paid on a 1099. I do that on LeeLoo and I would assume Top Step does it the same way.
If you make your income on a 1099, then yes you pay your taxes quarterly
Well yes you get the 1099 for the year.
But the IRS wants you to actually pay your taxes quarterly. I think if you make over something like $600 a year then you have to pay it but I'm not 100% sure on that cut off level
Yeah I had no about it either when I started, luckily another trader explained it to me. good thing because if you don't realize that you'll have to pay all kind of penalties later on.
You basically have to run it like you're own business, project how much you'll make for the year, expenses, etc. Fun stuff
I thought we could use a thread devoted to Taxes. This is all things taxes regarding trading.
One example, Advantages/disadvantages for different situations (equities, futures, forex, etc) as well as benefits of filing sole-proprietor vs LLC or as a …
Closing this to prevent a split topic and keep FIO organized.