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69: This Episode Will Save You Thousands (Seriously)
Rich Habits Podcast
Prepare for Taxes Regardless of Trading Performance
Regardless of the performance of your trading account, it is crucial to set aside money for taxes on profits. Even if you experience losses and have little left in your account, the taxes on your previous profits are still owed. It is essential to allocate funds for taxes immediately after the calendar year changes to ensure you are prepared when tax day arrives. Uncle Sam will expect you to pay taxes on the profits you made, even if you no longer have the money due to poor trading decisions.
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