Has anyone used "Shrink My Taxes", an accounting firm in Florida for setting up a LLC for trading? I saw some articles by them on Trading Pub. Just looking for some reviews of the various choices. Green seems to get pretty expensive and Traders Accounting seems to get some less than great reviews. I'm in New Hampshire and have not found any companies specializing in traders taxes. Thanks for any info, David
Over the winter, a local, well respected real estate lawyer I know and trust, responded to my request with names of 3 CPA's for tax purposes on a tricky, real estate, 1031 tax deferred exchange matter and prospective work from me. I called their respective front office and had to leave a message for each of them for a return call. I thought I would kill two birds with the same throw when asked the nature of my needed tax assistance; I included I wanted tax help on trades. Tax matters on trading must have poisoned the water; I never got a return call from any of them ! I have three decades of a good reputation locally, and to my knowledge my picture and name appear on no post office walls. It must be the tax info on trading that threw up barriers. (And my coming out of the closest as a trader impugned my reputation ?) I would like to know what constructively comes out of this thread. Thank you for starting it.
I saw these folks mentioned in another thread, don't know anything about them: http://daytradertax.com/
I'm in a somewhat similar position, trying to find a reliable CPA to jumpstart my self-employment as a systematic position trader of futures options. In my experience, I've found that most CPA's don't have any familiarity with handling the complexities that trading on a professional level demands (especially so with startups), and the ones who advertise heavily on the internet, generally speaking, tend to be the ones to avoid out of common sense (the more time and money spent on marketing, the less priority and the less common courtesy the client can expect to receive and that goes for any business in any industry). However, that does put one in the same position we are in, namely, being forced to locate a reliable CPA, through cold calling and gossip/referrals of indeterminate value. The silence game that most businesses play, when confronted by something that goes beyond the scope of their expertise, is just about the most infuriating BS one can experience. My advice is to get a long list of CPA's together (from your state's board of accountancy database), call them all during the same week, and then go back and investigate the local ones who are interested - many people don't consider face to face to be an important aspect of doing business anymore, but when it comes down to it, I like to evaluate people on sight and be close enough to straighten things out in person, if they start playing games. I've been guilty of putting it off, but hopefully just by posting this, it will give me the push I need to follow through with my own advice. I will try to remember to let you folks know how it plays out over the next several weeks, as spring break is coming up soon and that will give me some free time.
Well, it's not only help on taxes that I need (although yes, taxes are much simpler for futures options than for securities). I want to find a CPA who can provide me with a full range of services and advice on an ongoing basis, considering that I've never started a business before and can't afford to have any snafus.
I would separate the two. They do not overlap that much. Local accountants who can provide a full range of services and advice on an ongoing basis on general business issues are relatively cheap. Traders tax advice is expensive. I would just use Robert Green phone consultations for the latter.
Agreed. For futures ops you don't need much tax advice. Not worth giving up 1256 in order to gain certain other tax benefits. A regular CPA can help you with standard allowed deductions. All you have to do for trades is report net profit or loss. Pretty simple.
in our state setting up LLC(for trading or not) cost about $140 and anyone with basic writing skills can file and open one by himself.