HELLO FOLKS, FIRST YEAR DAYTRADING AND LOOKING FOR WAYS TO MAKE TAX TIME EASY. ANYBODY KNOW WEBSITES- PROGRAMS- ACCOUNTANTS THAT SPECIALIZE IN DAYTRADING? ANY HELP IS MUCH APPRECIATED. THANKS ALOT
I have a similar request. I know there is a lot of information scattered about on tax record keeping, etc. What I am wondering is whether or not any clearing firm furnishes a tax-ready report, ie. one you can just print out and attach to your sched D if you are doing your taxes by hand and not using quicken? I am not sure how things like s/w rebates or commission rebates are handled.
Many CPA's take Quicken files. Others I've heard of: * www.greentradertax.com * www.taxtrader.com (Ted Tesser) I've spoken to Ted Tesser in the past. He seems to prefer legal structures with LLC, companies in Nevada etc. I never felt that made any sense (but what do I know). Mr. Green has written extensively in ActiveTrader magazine over the last few months. I have never used any of the above to prepare my taxes.
Here's another site: www.armencorp.com/tradelog/ For active traders: an automated method of importing high volumes of trades that are properly matched. I have not used this service, you'll have to check it out.