Tax prep options

Discussion in 'Taxes and Accounting' started by Shadetree42, Feb 2, 2013.

  1. Has anyone used Paul Mann ( I'm looking for a CPA that is not as expensive as Green & Co. Alternatively, is there any software that can work with Tradelog MtM and 10,000+ transactions? I have a very simple return, outside of the sheer number of trades, so would prefer to keep it inexpensive.
  2. My approach is to get all the issues isolated first, then have a one hour phone consultation with Mr. Green to decide strategy, then implement yourself or with a lower cost tax-preparer for actual filing.
  3. i strongly suggest used tradelog for the investments then use turbotax premier for the actual return (file electronically and receive refund if you have one by direct deposit).

    unless you're doing something really complicated like buying a rice patty overseas through a Panamanian shell company you should be find w/o a tax "professional".

    true story - i know a guy who went to a tax "professional" and this genius forgot the $8k tax CREDIT (not deduction) for buying a new home (this was part of the legislation to bolster the housing market passed after the recent financial crisis). thankfully this guy ended up using turbotax and guess what - it saved him $8k.
  4. not sure turbotax can import 10k transactions from tradelog, I lnow it has an upward limit, has a higher limit
  5. hafez50


    This has been rehashed many times by traders over the last decade.The irs only cares about the total sales period for mark to mark traders. Now with the wash rules being shown on 1099b it might be different for retail traders. In 10 plus yrs never a problem or question doing total sales minus total cost plus add back all withdrawals and other incidentals = profit. The Irs has no interest in seeing every trade. Now the problem with any tax package is if you have hundreds of millions or in my case billions of total sales you'll have to break the total sales down many times to equal the total ammount of the total sales as many tax packages won' even show over 10 million of sales and even pro systems won't show a billion. So just type it in yourself.
  6. gkishot


    True, totals for each broker should do fine.
  7. I am a CPA. Also a trader, so I do this stuff for myself. PM me if you need help.
  8. smile


  9. rgfct


    Is there anything better than TradeLog?
  10. no
    #10     Mar 11, 2013