I started a micro account today with under 100.00, I am only planning to make 100 by tax time will I have to pay taxes on profits this year forex is my only income right now
Which country are you from?
I think there wont be tax only before a certain amount.
Check with your income tax board.
united states
If (1) you are a U.S. citizen or legal resident, (2) your forex account is with a U.S. broker, and (3) your forex profit of $100 is your only income for tax-year 2014 — then, [B]you don’t have to file a tax return, and you don’t have to pay any tax on your profit,[/B] because your total income for the year does not exceed a certain threshold. To read up on this, refer to the IRS instructions for Form 1040 (or the simpler Form 1040EZ). You can find these publications online.
My be you should talk with some attorney in your country, I believe you’ll get the right answer there.