like i said-i use go to CPA and pay couple hundreds just to double check all my returns(i have corporate and couple personal),but last week-calculations on returns that are based on numbers i provide to him are off by well...100K. i come back home, compared my and his returns and immediately saw the difference. i double\triple checked all my numbers and calculations, and i can sign and stand up on front of IRS for every f** number that was in it. i agree-..it's a tedious work that we not suppose to do,but who else? none of them can't get it right..and prices for a preparation-looks like they charge what they feel like. for same exact LLC tax preparation that take me about an hour on Tax Cut-different accountants were asking anywhere from 100 to 1500$! it's not complicated..i can do it..but even for 1500 they can't get it right! that's the f** problem. once i send them back the return and didn't paid a penny. cause i find at least 10 serious mistakes in it. SSN aren't correct,PnL is not right etc..how to f** for 1000+ you can make 10 errors in one return? and still in business? s***
Stop the nonsense!! 1) If you are an active trader, you must educate yourself about taxes. I may sound like a shill (but I'm not), Green sells an excellent book, and also offers many informational vids and recordings. The IRS publications are also very useful, if you know where to look and can understand the relationships of one form to another. 2) As a trader, using your best friends uncle or "whomever" as your CPA is a losing strategy. Traders have a burden of proof with the IRS as the tax code does not formally address many/most modern "trader" scenarios. It's subjective, you and/or your CPAs interpretation vs the IRS interpretation. You need someone with a complete understanding and just as important, experience with a successful track record (aka audit percent) specifically regarding trader tax returns. If you prefer to dis this advise, feel free to import your 1099B into turbotax and be sure to show your gains as gross receipts/sales on your schedule C. If you don't know, neither of these steps are correct. Check with your whomever CPA... see if he or she knows why. Trade On!
Come to Tennessee- No State income tax. There is the "Hall tax" which taxes interest and dividend income at 6% but it specifically exempts capital gains from the tax. Plus we have Hillbillys.........