Help! Question About Home Office For Securities Trading LLC

File and then do your 2nd consult, then amend if needed. I think the key aspect here is how aggressive you want to be with your filings. Some CPAs do whatever you want, some will advise conservative filing. Personally, I go conservative, because audits are a huge time sink.
 
I don't think you can file an extension on an extension can you? The extension is what is due this Monday, October 17th.
 
smallfil said:
When in doubt, get a 2nd opinion from a qualified CPA. Like any profession, you will have the best and worst at any given time. Maybe, a CPA seeking new business might give you a free 30 minute consultation to ask questions? If not, spending a couple of hundred dollars probably, is worth it. That is to get that 2nd opinion. The US tax code is riddled with grey areas which the IRS might disallow some of your deductions especially, if you are classified as a stock trader.
Do not be cheap and refuse to spend on something this important which can affect you adversely, if you get the wrong advise. You will easily lose that amount the CPA charges you even for a consultation in a losing trade. So, the cost of that 2nd opinion is not even worth quibbling over. Get it right the first time, then, you will have less headaches to deal with in the future.
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Good one +good 2.
IF, trader has say, 20 pages of federal taxes, then simply call some CPAs from the yellow phone book+ ask the CPA what would he charge for 20 pages + then ask that question:caution::caution:
Most any good pro[ lawyer, CPA ....]will answer those 2 simple question like that.
Federal tax law changes , but most likely have to pay a gain on that home office,when /if you sell the real estate.[Any IRS audit will have the goal of getting more money from you; so just keep good records. ]
Any one that gives 10% + is above average + i really dont care about that. Even though some good tax lawyer books have some helpful averages] Home office deduction rules are clear,[but changes year to year] unlike a lot of federal tax law.....
 
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