How to Stop the GameStop Madness?

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It's rare that stock market jargon makes its way into everyday conversation. But after a group of Reddit users manipulated the price of stocks such as GameStop, AMC and Blackberry, reaping huge gains overnight, it seems like everyone is talking about short selling and hedge funds. 

Some investors joined the action early enough to cash in big time on these so-called meme stocks. It's enough to tempt even the novice investors into dabbling in day trading, with hopes of pegging the next GameStop. But not only is this type of speculative trading extremely risky, it can also be expensive from a tax perspective. 

“Massive gains are great, but the recent trading frenzy is going to bring out a lot of short-term taxable gains, which have a much higher tax liability than the long-term capital gains many investors may be used to,” said Tony Molina, a certified public accountant and senior product specialist at Wealthfront, in a statement.