what do I have to gain?

Discussion in 'Professional Trading' started by antique, Mar 31, 2008.

which cpa to choose?

  1. $200 old cpa

    1 vote(s)
    100.0%
  2. $1200 Green Tax

    0 vote(s)
    0.0%
  3. other

    0 vote(s)
    0.0%
  1. antique

    antique

    I ran my numbers through Turbo Tax, as it stands I will owe them $20K for federal. Since I have w-2s from other jobs and have only started trading in Aug, I don't feel comfortable or qualify to claim Trader Status, and I haven't much to deduct under it.

    Should I:

    1) pay $200 and use my old cpa, who'd filed me as a regular 'joe' and pay the roughly $20K ----or----

    2) pay Green Tax their $900-$1,200, plus $150 for consultation and hope for a lesser amt I'd owe ira?

    I need to know by tomorrow, Tues night, in order to cxl appt with old cpa. Thank you.
     
  2. have you been paying estimated taxes throughout the year?
     
  3. antique

    antique

    ummm...no.

    Taxes' been coming off properly from paystubs. It's the equity gains that threw me for the loop. Didn't know how to acct for 'estimated tax' when I wasn't even certain that the gains were 'for keeps'.

    Really, how would one make estimated tax payments for the year? Do you just send irs money when you have a good quarter, and then have them owe you lots when the following quarter tanks? What do people do?
     
  4. DHOHHI

    DHOHHI

    For estimated taxes you pay the Federal and State tax every quarter. They'll each send you the payment slips. They're due 4/15, 6/16, 9/15 of 2008 and 1/15/09 for the 2008 year. Form 1040-ES is what you'll need for Federal.
     
  5. Withouth knowing specifics that you probably don't want to share with strangers, no one is really qualifed to give you anything more than a "guesstimate answer".

    This is too much like pinning the tail on the donkey in the dark ... flip a coin.
     
  6. Whats the 'Green Tax' ?