When do traders have to pay the taxes - is it quarterly or annual when filing the taxes ?

Discussion in 'Taxes and Accounting' started by traderwald, Jun 8, 2020.

  1. VicBee

    VicBee

    No, I don't have Trader status. I did make 2 early payments this year, knowing I will owe probably a bit more by year end. I probably didn't have to do it, but it's done.
     
    #21     Nov 29, 2020
    horizon likes this.
  2. Sig

    Sig

    What makes you think capital gains aren't subject to estimated taxes?
     
    #22     Nov 29, 2020
  3. horizon

    horizon

    I may be wrong, for example somebody sold a house and have capital gain, they have to send the estimated tax as well. After doing some research, i found that people should send estimated tax unless there are some exemptions.
     
    #23     Nov 29, 2020
  4. Sig

    Sig

    There aren't really any exemptions, however you can request relief from estimate tax is you received money unexpectedly near the end of the year. It requires you to affirmatively request it and the IRS grant it, and you still need to pay the estimated tax, you just don't get penalized for not spreading it out evenly over the course of the year.
     
    #24     Nov 29, 2020