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This is the first time I've had to face this situation but here goes.
In the last few months, I have begun consistently earning between 40-80% per month ROI tading 15-19 FOREX pairs(I did not anticipate doing this well). Essentially, I have begun doubling my money every 2-3 months. Currrently my wife and I earn right at about $100k a year.
I would imagine these extra earning will bump up us into the next tax bracket. At this point I don't know what I don't know from a tax perspective and how best to keep uncle sugar out of my pocket. I'm already anticipating having to hire a CPA to do my taxes this year.
Does anyone have advice on how to proceed or good website references to begin researching how to begin handling this as apposed to reacting and subsequently taking lumps during the 'learning' process?
Thank you all for your help, time and consideration.
Best regards,
Terry
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