TAX return prep

Discussion in 'Risk Management' started by gudway, Jan 21, 2008.

  1. gudway


    Where can I find a LOCAL competent tax preparer
    who can do a tax return for a day trader
    in Reno, Nevada?
  2. the yellow pages
  3. gudway


    Yellow Pages no good
    Local CPAs are not familiar with MTM
    tried several who then try to learn on the job
    from my previous tax return documents.
    H&R Block are the worst, only know investor returns
    or only W2 employees returns.
    Most "act" or "brag/boost" about experience etc.
    but soon you find out they have never done it.
  4. HR block is run with tax preparers with 2 to 4 weeks of training. They know nothing about tax. Only thing they know is how to run their software.
  5. gudway


    I went to the IRS office and spent a whole afternoon
    with the manager, who looked through reams of forms
    and books and made several calls.
    Finally said I'm on my own, have to find a CPA or consultant.

    I did find one in OHIO (through internet) who did ok
    for a couple of years then increased fees and missed
    a $17,000 carry over deduction. This was caught by a local CPA
    Bob Mc Person, very good guy, but he past away.

    Most local CPAs who have heard about "Traders"
    think we are multi millionaires and start right away with $300
    trying to rip you off, then stretch it out for months while they
    are trying to learn how to do it, then charge for an extension.

    It's a big mess, the IRS included, they should at least know
    how to do a tax return for traders.
  6. Wallyatx


    What are you allowed to write off if day trading is your main business?
  7. honestly, I would start with a good advanced turbotax and go from there. I had rental properties for many years and I found doing my taxes on TT was a good place to start. And I felt more comfortable when I understood them, instead of depending on someone who moved out of the area after doing my taxes in case of audit.

    Not every CPA is savvy about things like trading. Start by learning the laws yourself using something like TT. You can always supplement with professional advice later, but you shouldn't be dependent on them. They sometimes get it wrong!
  8. How about the Wash-Sale rules? what confusion that mess is>>>in the appropriate IRS document; after a long dissertation on the rule it finally just says something to the affect that "in general if your paying tax it will be accepted" .

    Do you other traders find yourself affected by the wash-sale rule>>>i.e. afraid to get out of a position when you know you should because it will be a Wash??
  9. shfly


    Check out past articles in Active Trader Mag., from Robert Green. He writes almost monthly on issues for traders/investors.

    Check out the link.
  10. edpolton


    $300 is not an excessive fee to prepare a tax return for a trader.

    Trader returns are a pain in the ass and only one in a fifty accountants have any experience preparing them. I cringe when I see them. They take four times longer to prepare than an average tax return, I can only charge twice my regular rate and I have to deal with a litany of questions from a skeptical client.

    Who needs the aggravation. That is why $300 is not excessive.

    Keep away from Turbo Tax, etc. You are better off going to and reading the publications. Off the shelf programs are not designed for complex returns.
    #10     Feb 8, 2008