Tax Acct - Green Trader Tax vs Trader Tax CPA

Discussion in 'Taxes and Accounting' started by ShawnJ-15, Sep 13, 2021.

  1. Hi, does anyone have experience with either Green Trader Tax or Trader Tax CPA and care to share experiences, rates, etc?

    I'm looking into both and wondering if one is more expensive than the other?\
    Rates to handle taxes for tax year?

    I am an individual but may be starting a corp next tax year.

    I do not have TTS, but will need to apply for it for 2022 tax year.
    Is this an extra fee for them to do?

    Good / Bad experiences with either?

    thanks!
     
  2. Wilt

    Wilt

    Green trader tax is incredibly expensive, 300/hr. Other than 401K contribution there are no unique unexpected deductions that show incredible expertise in the field. Maybe if they had to argue on your behalf. They just take your tradelog data and use it. Tradelog itself is 350 and not user friendly, so I don't think they're doing anything extraordinary to justify their rates.

    I would be curious about other trader accountants because of the cost of Green.
     
  3. newwurldmn

    newwurldmn

    You pay them to understand the nuance of tax code and how that nuance applies to you. You also pay them to ensure your tax filing looks similar to everyone else’s in a similar financial situation to reduce the risk of an audit.

    An accountant who doesn’t understand what the rules are will cost you far more than 300/hour
     
  4. KCalhoun

    KCalhoun

    I've hired Bob Green and he's the industry's finest trader tax CPA. His team is excellent, I enthusiastically recommend him.
     
  5. VicBee

    VicBee

    I've used Green Trader as well and yes, they're expensive but, as said, you get what you pay for if you have a complicated tax filing, like I did.
    Their TradeLog is a bit antiquated and not user friendly. Thankfully, their customer service is and they were able to hand hold me through the various stages of my first time filing an all trading tax year.
     
  6. Thanks All. Green Trader definitely seems knowledgeable i just wonder if the fees are worth it. Right now their MINIMUM fee is $1750 for taxes. Then there are all kinds of add on fees that may come up. I can't even gauge what the taxes may be from their rates so basically you submit to them and wait and hope you aren't gouged with a bill of 4-8k ?
    Anyone care to share what their taxes cost in past years? Individual vs Corp? Any special needs that may have added to costs?
     
  7. VicBee

    VicBee

    If your tax situation is relatively simple you probably don't need them. But if you're looking to build the foundation for a trading career, they can save you money in the long run because they know just about everything there is to know about trading and taxes, the loopholes, the no-no's, the preferred structures, etc..
     
    TrailerParkTed likes this.
  8. horizon

    horizon

    Hi VicBee,
    Can you give a ballpark number of the percentage of the tax per trading profit that Green Trader estimate for you (after all deductions)? For example, you make $100,000 and Green Trader calculate your tax is $30,000. So it is 30%. I just want to see some rough ideas of traders that work with them to see if it is worth to pay them.
     
  9. VicBee

    VicBee

    I used their service for tax advice, not filing, and really don't know what their fee structure is for tax filing.
    They have a solid reputation and aren't the types to straddle the grey zones. They are upfront about what they can do to optimize your trading business or project to minimize your tax burden, but solidly within IRS rules.
     
    Last edited: Sep 16, 2021 at 9:36 PM
    horizon likes this.
  10. You have to pay your income taxes. You can't avoid it.
    Green trader tax...Purple trader tax....Orange trader tax...cannot magically make you pay no income taxes on your trading gains.

    Move to the Bahamas, the Caribbean, as your primary residence and you may possibly escape it.
    This is not the 80's...you can't escape not paying taxes, anymore. The IRS will find you and hold you accountable.
     
    Last edited: Sep 16, 2021 at 9:49 PM