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Seeking an accounting firm as an active day trader - Any reviews/experiences?


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Seeking an accounting firm as an active day trader - Any reviews/experiences?

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  #1 (permalink)
 Richie3000 
Columbia, SC
 
Experience: Beginner
Platform: NinjaTrader
Trading: Stocks
 
Posts: 2 since Apr 2012
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Hello fellow traders,

I'm looking to establish an entity in which I can trade through and need guidance in the formation and filing, as well as bookkeeping and tax filing services come April.

I'd love to hear if anyone has had any good or bad experiences using a particular firm here in the U.S.

After much searching, reviews of well-known tax accounting firms seems sparse at best.

Any insight you can offer?

Thanks and safe trading!

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 Rayzor 
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I'm not real big on do it yourself taxes, I have been using Paul Mann for four years now. They are located here in Colorado, but they take care of traders all over the world. He is reasonable and unlike other trader tax people he won't nicle and dime you to death. Here is the link Accountants Specializing in Daytrader Taxes

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  #5 (permalink)
 dstrader 
Chicago, USA
 
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Posts: 195 since Dec 2010
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These guys seem to be good:
GREEN TRADER TAX

I bought all their material a couple of years ago, and I used it to understand how to file my own taxes.

After attending a lot of webinars, I realized that I may not really need an entity, I've been filing as a "sole proprietorship" for years without any issues. These accounting firms normally advise against that. Said that, I make sure that I pay every single penny I owe, and I have every single thing well documented. I also keep a daily journal of my trading. I've been contacted by the IRS a couple of times via mail, but once I sent them the proof of "their" misunderstanding, it was just fine. The first year may take you a lot of time, but if you do it well, the following years will not be as difficult. I get my taxes made in less time now than it took me to work with someone else in previous years, and correct all their mistakes (and believe me, my taxes are super complex). Said that, it does take me around 2 half to full days (one day to get everything started and the other following up on different things and completing it) to finish my taxes. Is somewhat hard work, but I love to have control and know that everything is fine and I've checked and rechecked everything.

If you decided to go the way of an entity, be very careful not to create a more complex entity than you may need. I've heard stories of some of accounting firms going the complex route just to collect more fees.

Any person tax situation is different, this is my 2c, I hope it helps. And as a disclaimer, I hope you have a good trustworth tax advisor to orient you in the best direction. I do plan to reasses my own situation in a couple of years as complexity of my taxes keeps increasing (I trade futures, options, stocks, currencies, etc...).

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  #6 (permalink)
dtrade88
San Francisco, California
 
 
Posts: 28 since Mar 2010
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I've been with Paul Mann for a couple of years now as well. Overall, it's been a good experience. Was with Green Trader Tax before that for one year. I had them prepare my entity and personal returns. A nightmare from start to finish.

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