Quote:
Originally Posted by buymycards
Adam made a good point concerning taxes. Every time that you make a dollar in profit you will need to pay 12.4 cents for Social Security taxes, 2.9 cents for Medicare taxes, plus, depending on your tax bracket, at least 15 cents for the IRS and maybe another nickel for state income taxes. So, that dollar of profit is down to about 65 cents after you pay the government.
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...Rick , thank you , we appreciate your sharing your experiences and knowledge... but about this last post , might you know the dollar amount at which it is necessary for an amateur like most of us are , to do tax set-asides so as to comply with at least the federal tax regs ? At times , some years , I actually do come out a few dollars ahead of the game ; but I consider myself just a hobbyist buyer/seller and any profits are usually accidental and an unintended happy surprise.... do the federales share my la-la-land delusions ??