The government likes taxes on stocks to be confusing so you pay more money but it doesn’t mean you should. I’ll show you how stocks are taxed and then reveal five strategies to lower, defer and cut your taxes on investments.
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Taxes suck! I know we need to pay for public services so I don’t mind paying my fair share but the government has made investment taxes confusing for a reason…to make you pay more than you should. Taxes on stocks can be extremely difficult to figure out unless you know exactly what to watch and the tax tricks to get around it.
In this video, I’ll show you how taxes on stocks work and the two factors that determine how much you pay. I’ll give you a step by step to capital gains taxes and how dividends are taxed. I’ll also show you what Robinhood reports to the IRS and what happens if you don’t report stocks on taxes. Then I’ll reveal the five tax strategies I used with private wealth clients to defer, reduce and eliminate their taxes on stocks.
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The tax rate you pay on stocks depends on how long you hold the stock and your income level. This is why stock trading is so expensive because you end up paying income taxes on the profits, tax rates that can be as high as a third or more of your profit. Dividend stocks can be even worse because you pay taxes on the money you collect every year whether you sell the stock or not.
What the government won’t tell you is there are tax tricks you can use, all totally legal, to cut your taxes next to nothing or wait decades to pay them. Strategies like tax loss harvesting, using charitable remainder trusts and putting dividend stocks in a non-taxable account can save you thousands of dollars in taxes every year.
0:00 How are Stocks Taxed
2:22 How Taxes on Stocks Work
2:55 Capital Gains Taxes – Short-term vs Long-term
3:48 Tax Rates on Stocks – Short-term vs Long-term
7:02 How are Dividends Taxed?
9:25 How is Stock Trading Taxed?
9:42 When do you Pay Taxes on Stocks?
10:23 What does Robinhood and Other Platforms Report to the IRS?
11:28 What Happens if You Don't Report Stocks on Taxes?
11:57 How to Avoid Paying Taxes on Stocks…Defer, Reduce, Eliminate
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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