Illinois CPA for trading

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Nickko344

Any one know of a good CPA in the Chicagoland area ? I trade primarily SPX options.

Also, is Robert Green tax specialist worth the money?
 
There is no particular reason why you need to meet your tax advisor. I have never met Robert Green and none of my clients use him, but his comments and website show a high level of competence. For me, one question I would ask is, if I get you my tax information early, can you finish my taxes before April 15th. I hate accountants that put 1000 clients on extension because they take on too much.

Many of my clients have used Taxes Gainskeeper http://www.gainskeeper.com/ to help them get their infromation together, but then do their own taxes or pass that infromation to their tax guy.

Bob
 
I'm definitely not giving tax advice but net 1256 contracts (which includes broad based options like SPX) are about the easiest thing to enter on a tax form lol.
 
Nickko344 said:
Any one know of a good CPA in the Chicagoland area ? I trade primarily SPX options.

Also, is Robert Green tax specialist worth the money?
More...

Its been my experience that most CPAs do not have a clue how to prepare traders' tax. In a way you have to educate them to prepare it correctly however Chicago being a trader rich environment I'd assume there are one or two CPAs that are competent. I have not used Robert Green but have attended a few of his webinars and based on that I'd recommend him. Even if a trader were capable of preparing their taxes signature of a CPA on your taxes drastically reduces chances of you being audited...
 
You would think that living in Chicago it would be easy to find a good trading tax guy , but the minute you say options you get the deer in headlights look lol
 
Nickko344 said:
You would think that living in Chicago it would be easy to find a good trading tax guy , but the minute you say options you get the deer in headlights look lol
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Call your broker contacts and ask for a referral. They normally have a list of accountants who prepare traders taxes at different price points. Having said that, gains/losses from 1256 contracts is just about the easiest thing to report and you could learn all the nuances in less time than it would take to research and consult a professional. On the other hand, if you are going to use schedule c expensing then a consult would be prudent. Green is solid.
 
ajcrshr said:
I'm definitely not giving tax advice but net 1256 contracts (which includes broad based options like SPX) are about the easiest thing to enter on a tax form lol.
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I'll upvote this one. SPX option trades do NOT need to be accounted for individually on your Schedule D. Trading SPX options is the best thing since sliced bread with regard to tax reporting not to mention liquidity.

If you're a trader then you have the math and organizational chops to prepare your own taxes. By the time you get every little record together to present to a CPA you may as well just do it yourself.
 
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