Happy New Year, folks!
Just curious.... Has anyone been in a situation (or maybe you know someone who had to deal with it) where you make a lot of money as of Dec 31st and lose it all before taxes are due? I always worry about this and hence I withdraw about 25% of profits right after Jan 1st. I'm in the US and my job earnings statement (W-2) does not come out till around Jan 31st. After that, I take about a week to file my taxes.
Considering how many people are so highly leveraged, I was wondering how someone in such a situation dealt with the tax bill.
Just curious.... Has anyone been in a situation (or maybe you know someone who had to deal with it) where you make a lot of money as of Dec 31st and lose it all before taxes are due? I always worry about this and hence I withdraw about 25% of profits right after Jan 1st. I'm in the US and my job earnings statement (W-2) does not come out till around Jan 31st. After that, I take about a week to file my taxes.
Considering how many people are so highly leveraged, I was wondering how someone in such a situation dealt with the tax bill.