Man, I remember sweating when I was working like crazy to get it done by October 15th. Not a fun experience.
datacruncher: I don't know how to elaborate on the m2m status withdrawal from ira. I only understand that 'one day' the ira can decide you're not qualify and not give you back the benefits associated with m2m. Perhaps others can tell you more. allenhobbs: this year I won't be going for Trader tax Status. Although I've earned more as a trader than my other jobs, I've only begun trading since Aug; therefore, I don't want to raise any eyebrows. However, for 2008, I'd like to be more prepare to claim that status. I have heard a few good recommendations of Green Tax. Besides asking for $900-$1,200 for a basic return, they also want me to pay $150 for a consultation with Green himself. I don't fancy the idea of being hustled to the bone. If/hopefully 2008, I will be more profitable to justify that amt I will consider enlisting their service. hlj: that's a great site. Do you know why they're offering the standard for free, or are they trying to bait for the $9.95 and $16.95 deluxe and ultimate packages? I'll post a question on my following post...to keep it separate. Please participate if you wish. Thank you.
I ran my numbers through Turbo Tax, as it stands I will owe them $20K for federal. Since I have w-2s from other jobs and have only started trading in Aug, I don't feel comfortable or qualify to claim Trader Status, and I haven't much to deduct under it. Should I: 1) pay $200 and use my old cpa, who'd filed me as a regular 'joe' and pay the roughly $20K ----or---- 2) pay Green Tax their $900-$1,200, plus $150 for consultation and hope for a lesser amt I'd owe ira? I need to know by tomorrow, Tues night, in order to cxl appt with old cpa. Thank you.