Some countries, such as the USA, Canada, and the United Kingdom do not offer an option of tax withholding by Forex brokers. Additionally, it offers some observations on how most traders deal with this issue. This guide is not a detailed explanation of how to pay taxes on Forex profits, it is just a short overview of some tax modes existing in the industry.
The first thing to know when you start wondering how to pay taxes in Forex trading is that you should definitely consult a certified tax advisor. Correct handling of one's taxes is not only ethical but will help to avoid unnecessary problems and expenditures in the future. Paying taxes is really the last thing a new foreign exchange trader should care about, but it is definitely a serious issue for any profitable trader.
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