In this video we breakdown what you need to do to prepre for tax season if you bought and sold stocks in 2020. Be prepared to pay TAXES on STOCKS you sold for gains$$. MADE MONEY ON STOCKS = MUST PAY TAXES..😱
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#stocks #taxes #penny stocks
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These are stocks i like for this week and longer term. This tax stocks pay a goo dividend and should double from here. These stocks are in different sectors the other is a power stock. Taxes must be paid if you made gains on the stocks you bought and sold. The more money you made on stocks the more taxes you will pay. PLEASE BE PREPARED TO PAY TAXES ON THESE STOCKS.
Here are four different types of capital gains whenever you sell a stock; Short Term Capital Loss, Short Term Capital Gain, Long Term Capital Loss, and Long Term Capital Gain. This is a video meant for beginner investors and I do not cover wash sale rules nor do I mention the maximum losses you can take each year (which is $3000 a year in losses). You want to make sure that when you sell a stock, if you have a lot of short term capital losses, that you do not sell any stocks that have long term capital gains because that means the long term gains will cancel out your short term losses and you will lose out on the tax savings from the short term capital loss. You can also avoid paying taxes on short term capital gains on stocks with long term capital losses. However, I do not recommend selling a stock just for the tax benefits. Especially if you like the stocks and think it will recover. Overall, the most advantageous quadrant to be in is the long term capital gains quadrant.
⏬various TAX articles ⏬
https://www.fool.com/investing/2020/09/04/5-important-things-robinhood-investors-need-to-kno/
https://www.benzinga.com/money/day-trading-taxes/
https://www.irs.gov/taxtopics/tc429
https://www.nerdwallet.com/blog/taxes/taxes-on-stocks-how-they-work-pay-less/
https://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp
**I’m NOT a financial advisor I give you advice and picks based on what I feel are stocks that are undervalued based on today’s world around use using my own logic*
* I’m not telling you to buy or sell**
