Trader's Accounting?

Discussion in 'Professional Trading' started by sophiekay, Oct 24, 2007.

  1. Anyone familiar with Trader's Accounting out of AZ? They claim to be CPAs that focus on Trader's. I am considering using their book keeping and tax preparation services.
  2. I'm not familiar with them, but I'm interested. If there not to expensive I may give them a try. What do think a reasonable price for trader tax prep would be?
  3. Reasonable for a CPA who specializes? In my opinion, $175 to $300/ hour. If not a Big4 Accouning firm.
  4. BTW, Trader's Accounting charges $500 for tax preparation and $900 a year for Bookkeeping.
  5. check out gainskeeper first. The numbers you're throwing out there seem a little large.
  6. yxy


    I used Traders Accounting for the first time, and had a horrible experience with them. On the top of unresponsive/irresponsible services, they charged me a double amount of their original estimate for no reasons.

    If you can, I would stay away from them. The head CPA is really busy making connections with trading schools, etc., and was very nice until I became their client. Their focus just like any other business is money, but the way they treated me was very unethical in my opinion.
  7. Thank you so very much. I just received paperwork from them a few days back. You have most likely saved me some unnecessary hassles. Much appreciated!!

  8. yxy



    My pleasure.

    By the way, can you tell me where you got the info. that TA charges $500 for tax preparation and $900 a year for bookkeeping?

    TA told me that it would be under $500 for 2006 tax preparation, but charged me $905, instead. My 2006 tax returns are almost identical to my 2005, and the other CPA charged me only $425.

    I left messages for explanations, but they don't pick up my calls nor return my calls.

    I initially paid $500 prior to the preparation through my credit card. Then they charged additional $405 to my credit card, without contacting me or sending me an invoice first.

    After what they have done with my returns and know how much I was frustrated with their services, I could not believe their nerve of charging me an additional amount. Many of my friends said that I should negotiate that initial $500 for their horrible service, but decided not to, so I really did not expect to get charged additional !
  9. I am a full time trader. I have an accounting/tax back ground. BA Economics and Accounting, Master's in Taxation. So I know a bit about this.

    I would recommend doing your own returns. Individual taxation is not that hard, keep good records. Get Tax preparation software for your tax preparation, inexpensive software such as Turbo Tax.

    OR**** Find a local CPA or IRS Enrolled Agent to handle it for you. Call local accounting firms. Interview the firm to see that they can meet your needs, get some FIRM quotes on costs for their services. Nail that down. Explain to them EXACTLY what you are doing as far as your return and what it will cost. Due diligence on your part. That would be my recommendation to any Traders dealing with their tax issues and return preparation.

    I would NOT RECOMMEND dealing with any accounting firm out of your area even if the taylor their services to traders. You do not need that. All you need is a good CPA or IRS Enrolled Agent....find them locally.
  10. yxy



    Thanks for your advice.

    Can software handle properly for trades (lots of trades) for schedule D according to wash sale rules?

    I elected mark-to-market accounting for 2007 and intend to treat trading as business.

    My local CPA said that he does not know anything about tax rules around I went to TA.

    But I agree - I think CPA would feel more responsible and reliable if they are local.
    #10     Nov 14, 2007