Hello, where can i get my taxes on my options trading done cheap? ...I have day traded options last year for about 4 months, and i didn't make any money overall so i just want to file my taxes - just so the IRS won't bother me. That was my first year in trading and i have no experience about taxes on trading - if you could just refer to me someone reliable - that would be enough - thank you so much for your time and help! Samuel
Read the tax forms and IRS Publication 550 and do it yourself. General rules for options are that individual stock options are reported on Schedule D and index options are reported on Form 6781.
Cheap does not equal done right. I had someone do my taxes cheap they screwed it up. It is now costing me thousands to have someone represent me in the audit. Spend the dough and have it done right.
update...might help someone else just got my taxes done at H&R block online, the total cost was $169.85 (full service tax prep).
If you're modestly computer capable, you can get Turbotax for around 30 bucks. And if you're modestly capable, you can do it yourself. Options are no more complicated than stocks. Just pair them off and list your capital gains/losses on Schedule D.
Taxact.com is free, and has gainskeeper. For a few bucks, like ten, you get more, etc. It 's the same stuff you'd have to put together for an accountant. I didn't use it for me, btw. I did somebody elses who was paying 350 bucks. I was done in an hour.
i thought about doing it myself, using a tax software, etc...but I hesitated since its my first year filing taxes. But next year, i think i will do it myself - now that i have seen how they are done - it seems fairly simple.
Sam, it isn't what you KNOW that will hurt you...but what you DON'T know. Years ago I took a tax class which let to a pt time job for a few years and although the class cost around $200 bucks it more than paid for itself the very first year. The problem with most computer programs is again they don't always ask you the right questions. If you chose to prepare your own taxes definitely get PUB 17 and read it over then for any other particular questions you can go on line to irs.gov and get other publications that go into more detail. GL