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Matt,
Thats one of the reasons why I left New York. Try this Federal, State
and City ( if you work in New York City). 50% of my gross was going to
the government, thats why working off the books is very common over
there. Texas is only Federal. You may need to look into Offshore
Banking/Corp, in order to by-pass taxes. Only pay taxes on the monies
you take out. ( You need to check on that, I'm no expert) Also, only
take out small amounts of money at a time, ie...$5000. anytime you
deposit $10k + the bank contacts the IRS. Just to let them know, even if
the money is traceable.
TradeWell,
Joe Frabosilio
itradesp@xxxxxxxxxxxx wrote:
> Just wondering if there's a way to possibly avoid paying a total of
> 40% on taxes from gains in the stock market. I had to pay 28% federal
> tax, then 12% capital gains tax for the state of Massachusetts. It
> hardly seems worth the risk. It's hard enough to make money in the
> market as it is, then you have to give almost half back to the
> government, while they risk NOTHING if I lose...What a system..
> I'd like to hear privately if this is an accurate figure for the
> amount of taxes that I paid. Thanks in advance
>
> Matt
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