Does anyone have any experience with an accountant/CPA or an accounting firm that specializes in doing tax returns for day traders? I've seen a few companies online, but once I speak to them over the phone, it just seems like they advertise themselves as such just to gain business. In reality, they are decent accountants that would fit most peoples needs, but are NOT SPECIFICALLY geared towards DAY TRADERS. Input is greatly appreciated.
There are only a handful. Costs more than others, and the only one I am willing to recommend. http://www.greencompany.com/
Cost is consumable as far as they have a deeper knowledge, which would counter the higher cost in return. I am assuming that you have used them. How long have you been with them? How much better are their returns (% wise)? Is there anything that sets them apart from the rest? Thank you TW, Alpha.
RN, I know you've been around in this business for a while, so your opinion holds good weight. You're the second person that has mentioned the same company too. Ty, Alpha.
Hi Alpha: I've had some form of assistance from Green since 2005. I started by purchasing the trader tax guide. I moved forward to being a site member. Progressing still further, I purchased phone consultation, which I still do for when/as/if needed. Green prepares my 1120S return. I do my individual return. I like being hands on, understanding tax code and how to "comply". Green is "the" expert in the niche IMO.
Is this the guide you were talking about? http://www.amazon.com/Greens-2014-T...d=1407858951&sr=8-1&keywords=trader+tax+guide
At what point do you think a trader would gain materially by contacting Green as opposed to just doing their own taxes? For example, is there ballpark dollar figure amount of gains per year where the cost would be justified? I've always done my own taxes, and take the typical, reasonable deductions and have no problem claiming trader status. I did pay for a short consultation with a local CPA who said he couldn't help me unless I basically have him do my taxes, which I didn't want to do. However, I'm in a high-tax state and have had reasonable sized returns and am not sure that there isn't some other things I could take advantage of - e.g. setting up an out-of-state trading entity or something like that, or missing a lot of non-obvious deductions. I may contact Green anyway based on the board recommendations, but just wondering whether I'd get enough bang for the buck.