I will be selling some stock this year so next year's tax returns will have me owing money. I was told to hold 20% of the money I make for taxes. If say, I normally get back about $2,000 every year at tax time, would I minus that money from what I would owe? Sorry to make it sound so confusing but I just need to know how much money I will have to spend on home improvements. Thanks!
Jennie0898
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Member since
Re: Any accountants? Tax Question
Posted by Hazeleyes33
I will be selling some stock this year so next year's tax returns will have me owing money. I was told to hold 20% of the money I make for taxes. If say, I normally get back about $2,000 every year at tax time, would I minus that money from what I would owe? Sorry to make it sound so confusing but I just need to know how much money I will have to spend on home improvements. Thanks!
I'll preface this with I'm not an accountant, but thought I would answer anyway.
If I'm understanding your question correctly, what you usually get back on your return should have nothing to do with it. I think you're supposed to hold out about 20% of what you make off the sale of your stock so you can pay what you'll owe on your taxes next year. I would also find out about capital gains taxes, though I'm assuming that's what would make you owe...
Hazeleyes33
Posted:
Member since
Re: Any accountants? Tax Question
Ok. Thanks. I had gotten advice from a friend who does taxes and she said to minus the money you usually get back. I just want to make sure I don't spend too much and not have enough for the big bill I will get next year!!!
