Tax on any capital gains is due by the end of the quarter in which you received it.
Typically, if you send the IRS 20% of your gross profit, then at tax filing time you'll be fine.
You should send your state a percentage equal to whatever rate your state taxes personal income at. Different states tax at different rates anywhere from 5% to 8.5%.
You can pay the IRS online at www.irs.gov/payments
You pay your state taxes to your state, not to the IRS. How you pay your state taxes depends on the state. So check your state's website for your tax rate and payment methods available to you. Of the 37 states that tax personal income, not all of them accept online payment.
If you pay online *PRINT* *YOUR* *RECEIPT*!!!
Three golden rules when dealing with the IRS & state taxing authorities.
1) You are guilty until proven innocent
2) The burden of proof is on the accused (that's you!) and not the accuser.
3) If it's not in writing, then it did not occur
PRINT YOUR RECEIPT!
