anyone know of a good message board to get tax advice on trading? There used to be fairmark.com which was great, but it closed the message board. I know that greentradertax.com offers consults, that are pricy, and also my advice needed is more comprehensive than only trading. anyone have a good suggestion? thanks.
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Get a good tax accountant. Why risk being audited by the IRS? That is penny wise and pound foolish. I just had a couple of friends being audited when their only income is Social Security. It took no less than 3 letters to dispute the bogus audit, the letters I help one draft. They just want to justify the cost of 87,000 new IRS tax auditors. It is going to be the low income and middle class who gets audited. The reason is obvious, the filthy rich if they can afford it, would hire a good tax account to make it not worth to the IRS to harass them. Anyone else, like us, would be easily audited. I would be very afraid with what I have seen so far. I will leave it at that. Most US taxpayers would just pay rather, than fight it. That is what the IRS is counting on.
%% MOSTLY right, especially CPA help ; except they make sure to audit a % of big companies. More bang for their buck so to speak. But your main point I agree with +I cant think of a worse risk that getting into a uninformed disagreement with the IRS. Even though some have been harassed, one of thier main goals is getting more money out of an audit. UNLESS its the simple 1040 version , i cant think of a worse way to save money than do it yourself taxes+ I like to save money.''Penny wise + pound foolish'' A good CPA also would give you an phone estimate of say ''10 page business tax return''; a lazy CPA would not do that.
Friends of mine who got audited only had Social Security income mind you so, all of us are a high risk of being audited these days. That is the reality.
%% Maybe not get audited much if a tax lawyer, or have a tax book or 2. Speaking generally. NOT sure if SS income alone triggers a better than average chance audit?? Maybe. IF someone gives 11% or not many give Bill gates %, all that is above average. Interesting\\ SCOTUS smacked down attempted gov debt forgiveness for college + career. LOL,probably owed more tax if that would have gone thru LOL. Good deductions can be had for giving good used junk + clothes to Good will or Salvation Army; but i dont try to write that off.[Im not in Bill Gates giving foundation also, good idea anyway ].
%% Looks like they maybe fine , free estimate anyway. UNLESS one has the simple US tax form, or tax free Roths + such; I would never want to skimp on tax help/ too many penalties , fines +complexity, but I dont like drama with severe penalties. But each to his or her own.