Active trader tax help

D

dexgreen

Hi all,

Anyone got any recommendations over what accounting firm to use for help with taxes for an active trader. Thinking of incorporating and need some help finding someone familiar with active trader nuances to help me. Love to hear if you guys have any favorites to use (or to avoid).

Thanks,
Dex
 
dex forget incorporating its all bs. just file with the irs for mtm trading and use trade log to do the accounting. you can buy smaple tax returns from green and co and study those and just use there fed statement sheets that explain what a mtm trader is. i've been doing my own 10 yrs and never a problem
 
+1 for tradelog and +1 for not incorporating. the benefits, IMHO, are marginal (for most traders anyways) while the cost (in terms of money, time to set up, stress, increased chance of audit) is too high.
 
Well in my country may be any CA (chartered accountant) or Advocate would be the best persons to contact in person otherwise you may seek the help of online websites.
 
Quote from FrankSlaughtery:

+1 for tradelog and +1 for not incorporating. the benefits, IMHO, are marginal (for most traders anyways) while the cost (in terms of money, time to set up, stress, increased chance of audit) is too high.
More...

If trading is your sole income...this might be right. My CPA has recommended a LLC or Partnership to help with my W2 earnings...i.e. being able to reduce my AGI. So ironically, if my CPA is giving good advice, it might be more benefical to create the pass through entity if you can justify the trading as a business and use it to help with your "normal" W2 taxes. If your only job is trading not sure....
 
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