I understand, if you start producing over a number of trades a year, your accountant will change his rate structure. Charging by the trade. I never hit that number, so can't help more. Taxes the same as any trade under 30 days, I think, but much more paper work!
I don't play much attention, all I know is every time I make over $500 profit on one trade during the month, I write a 20% monthly check for all that month, to a special money market saving account and pay the tax & accountant from there. Usually enough.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.