Green Trader Tax

Discussion in 'Taxes and Accounting' started by TPB, Apr 25, 2016.

  1. TPB

    TPB

    I'm searching for a trusted CPA to set up an entity for my trading and to do my taxes going forward. Is it true these guys are the leading authority on trader taxes? Anyone have any recent experience with them?
     
  2. rmorse

    rmorse Sponsor

    If you're setting up a single-member LLC, you might not need account right now. Many of my clients have used https://www.blumberg.com to form their LLC. You can go to the IRS website to get your EIN#.
     
  3. mlturrin

    mlturrin

    I've started to use them and they seem pretty good. Trader taxes are tricky if you do a lot of trading. They use TradeLog to sort out all your trades across different accounts and complete the tax forms with statements. If you trade a lot of options TradeLog is a must-have.
     
  4. TPB

    TPB

    I don't do any complicated trades, but I also don't want to set up an LLC on my own. I heard GreenTraderTax was expensive, and I would probably be one of their more simple customers, but if they're good, I will go with them. There doesn't seem to be any CPAs specializing in trader taxes in my area.

    I will check out TradeLog, but have you also purchased their Tax Compliance Package or Accounting Package? Worth it?
     
  5. The worst tax experience I ever had in my life was using the same CPA everybody in the office used. He didn't know shit about commodity trading. Then I heard Warren Buffet did his own taxes. Green was around long before I ever started worrying about the IRS. I have a lot of shady deals on the side which I would never expect a reputable CPA like Green to sign off on. But if I ever get 100% legit Green is older than the hills and well worth whatever he charges these days.

    But getting back to Warren, doing your own is probably the most education you will ever get in your short trading life.
     
  6. mlturrin

    mlturrin

    Green has pay-as-you go packages including call-in consulting at reasonable fees. I suggest using them to get educated in the process the first year and then roll-your-own after that if your situation is simple enough. TradeLog has pretty responsive email support and you can get a lot done with that.
     
  7. TPB

    TPB

    Thank you all. I will definitely be purchasing at least a consultation package from them to start with.

    And mlturrin, I will check out TradeLog. Thanks for the recommendation.
     
  8. arbot888

    arbot888

    Be very very careful with Green Trader Tax. They charged me 3x more than I have ever paid for tax prep before. Their "package" deals are just the starting point. They start running the clock up from the start and it adds up fast. They also made a massive mistake on my returns, which I had to point out to them. Their books/materials are pretty good with some good tips for entities etc, but their tax prep is insanely expensive and not worth the extra cost. There are other CPAs recommended on these forums - try them first. Tax prep has become totally automated by software -- no firm should be charging 3x the market rate. Come on.
     
  9. mgarc

    mgarc


    can i ask how much did they charge? you can pm me if you want to keep it private. thanks.