Categories: Income

Understand 2023 Federal Income Tax Brackets

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In 2023, the United States federal income tax brackets will likely continue to apply for the eligible population. Individuals and families across the nation are usually subject to progressive income tax, meaning that their rate increases as their earnings do. The IRS determines tax rates based on both filing status and taxable income, offering seven distinct tax brackets for married filing jointly, head of household, and single taxpayers. Depending on income and filing status, taxpayers may be taxed anywhere between 10-37% in 2023.

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Categories: Capital

Long Term Capital Gains Tax in Forex Trading: Understand & Comply

Long-term capital gains tax in Forex is a tax levied on profits made from Forex trading held for more than one year. Long-term capital gains tax rates are generally lower than the rates for ordinary income and profits generated from investments that are held for shorter periods of time. Traders who are subject to the tax must pay this tax on all of their foreign exchange profit made from trading Forex. The amount of tax is determined by the investor’s location and the type of investment. In general, traders can expect to pay between 15-20% of their daily profits from trading Forex to the government in the form of taxes. This tax rate applies to traders regardless of whether they are classified as a professional or casual trader.

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