(WKBN) — Tax season is upon us and for anyone who invested in cryptocurrency or day trading stocks on apps, you might have more taxes you’re responsible for this year.
For those who purchased stock and held it before 12 months was up, capital gains taxes will be higher than if it was held for a year.
“A lot of people are what they call day trading or trading, buying stocks and selling them at the wrong time,’ said financial adviser Richard Horvath. “A lot of people as of late have been buying individual stocks and they’ve been getting into trouble with taxes,” Horvath said.
Financial advisers said for those that did a lot of that type of investing in the last year, you might be better off going with a professional tax preparer over trying to file on your own.