Getting desperate to find an CPA in NYC to file my taxes for 2007, don't want to do an extention. Green traders Tax will only do an extention at this point in time and charges $900-$1200 (imo too expensive) for a basic filing. Willing to file on my own if I know where to start and which forms to fill out, but afraid of doing it wrong and getting into legal trouble. Thanks for your input.
My friend, you have 4 choices: 1. Use H&R Schlock, not a good idea 2. File them yourself, Turbo Tax is a piece of cake. 3. File an extension, pay estimated... and hire a real accountant, very few are taking clients without an extension this late in the game. 4. I am NOT a CPA, but will walk you through Turbo Tax!
Thanks Surdo!! I appreciate your help with TurboTax, however, does it get complicated when I reside in NJ and have W2 jobs in NYC?
Piece of cake, just follow the directions... seriously file an extension and take your time, as long as you paid some of your estimated, chill!
What type of income do you have? Are you a MTM trader with a second job or or your trades put on Schedule D? Equities? Futures? What's the w-2 income from? PM with more info. What I do is use Turbo tax and have a good trader CPA check it. I lowered my bill from $1850 to $650 and I have a 50+ page return. CPA doesnt need to be in NY. Someone in Chicago is experienced with traders.
BTW, if you didnt pay , make sure you file. The penalty for non filing is 5% per month up to 25%. Penalty for non- timely payment is much, much smaller.
I'm not strictly opposed to extention, it's just that I am unfamiliar with it and prefer to wrap up 2007 before 15 Apr so I can feel I could move forward on a clean slate...with finalization. Surdo, I'll be picking up a copy of TT tomorrow, will download it and see what sense I could make of it. I have not elect m2m yet, from what I have read it has not called to me to elect immediately. The only pro I know is that you can counter your losses for the year by previous gains (or something similiar) and the con is that the ira can take away that privelege. What are other pros and cons? What care do I need to take for 'wash-sales'? Only traded equities last year. bestF, at some point I may pm you, thanks. My w-2s came from hotel jobs. Call me olde-fashion, I prefer face-to-face with someone who's doing my taxes, it builds a relationship.
Are you sure you qualify for Trader tax status? By the sound of the questions you just asked, I wonder. Also, if you do in fact qualify, a guy like Green can save you a lot of heartaches should you do your own return and makes mistakes. Be aware that your run-of-the-mill CPA who isn't intimately familiar with Trader tax status will probably end up costing more because he doesn't know all the angles and won't get you those nice deductions. Spend the money with Green or someone else who is an expert in the field--it's tax deductable as a business expense on Sch. C. for next year.