NEWBIES BOARD

[TheMotivatedTrader]

I generally sock 40% of the trade to the side in a savings account. While I have to make a significant amount in short term trading to hit that range, I overestimate just to make sure I have more than enough to pay my cap gains taxes.

I believe I last saw that income over $400,000 puts you at the highest tax bracket. Go to IRS.gov to confirm for sure.

You would need to check with your state's tax department as well. Some states have the same tax level regardless if it is short or long term capital gains.