Trader taxes

Discussion in 'Taxes and Accounting' started by jdaripper, Jan 10, 2006.

  1. I am looking for accountants that specialize in trader taxes and found a few that I am further evaluating. I noticed prior threads on these broads about green and trader status. sound like great businesses but they like to charge a pretty penny for their services. I know that skimming to much in this area could backfire, but I'm looking for cheaper solutions to trader taxes. Has anyone dealt with leonard rogofsky with traxesfortraders or edaytradertax? Those who have, what are your experiences?
    Any one know anyone else that won't bill out of the ass to get your taxes done?

    thanks in advance for your responses.
  2. if you dont know how to play you have to pay. i do my own with the help of turbo tax. you cant get much cheaper than that. its not that hard.
  3. chisel


    Yes. Lenny has done my taxes for several years. He's very thorough and a straight shooter. I thought he was very fair and reasonable when I got his bill.

  4. I have to agree with this 100%. I paid a pro about a grand for my 2002 and 2003 returns only to get audited both years. For my 2004 return I used turbo tax, even taking some deductions the pro accountant told me I couldn't, and everything went smoothly.
  5. I paid my tax preparer extra my first year in trading (1999). I had a combination of 1099 income for capital gains/losses and K-1 income from my trading LLC.

    It cost me less than $500.00 to do my taxes this year, and it seemed complex. BUT, I used that template for the following five and then last year, six, years of returns. By far the toughest year was the year a lot of my trading was 1099 income, but thats all changed with an LLC and K-1 form now that I get.

    My tax guy retired and moved away, so for the last 5 years I have done them on my own. I am not saying its the best way for some, but I paid a professional to do it the first time or two, then 80% to 90% of all the things are handled the same way the next year. I have a few other streams of income and at this point I am considering incorporating everything under one entity, and I will likely read, ask, and consult professionals in this area until I understand it enough to make the best decision.

    Has anyone out there on ET incorporated to include trading income, and income from other sources of business? I think incorporation coul potentially streamline things for future growth (taxes, accounting, etc), but thats my first thought in this area so far.