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I found out about Traders Accounting by way of a link from Trade Monster and some Webnair link. Their (Traders Accounting) website was saying that this company knew the special needs of traders to get the best tax advantage. It seemed legitimate and was something I was looking for. The link had a questionaire I filled it out and faxed it back. I received a phone call and an e-mail to have a phone consultation. Their findings was that I needed to set myself up as an LLC. For six months they are going to show me how to fund my trading business, keep records, make a business plan, file my taxes etc. for $1700. But after reading the preceding comments I will start looking for a good business lawyer.
Last edited by Atltrade; 03-15-2010 at 01:55 AM..
Reason: understanding
Reading these posts basically has deterred me from using Trader's Accounting...but I still need to find guidance on what type of entity to set up for options trading or for efforts to obtain Trader Tax Status. Does any one know if a LLC will work, or is a C-corp needed, etc? I am certainly willing to pay for quality advice but would like to find someone that I can sit down across a table, eyeball-to-eyeball, to discuss these things.
Seems like Trader's Accounting and Green Trader Tax are both quite expensive, and you apparently have to work with either through the internet and phone.
Any suggestions or help would be greatly appreciated.
I went to my accountant that I used for years and to my business lawyer like Atltrade mentioned, but neither of them knew anything about the legalities or even the taxation of eminis. I signed up for taxes with traders accounting, but they put me on extension last week. I read this post and decided to look elsewhere. I found another company that specializes in taxes for traders called boyer tax services and they had my return completed in three days. I was kind of skeptical at first, but me and my local accountant reviewed the information and they did complete my trade data, 1040 and schedule C correctly.
This is a very hard industry to get into as it seems like none of my local professionals know what eminis are or any other types of trading for that matter.
Last edited by emini_master; 03-24-2010 at 10:37 AM..
Reason: some garbled text
Hi emini_master: can you share contact information for Boyer Tax service? I am looking for someone that is knowledgeable about tax implication of options trading and how to properly structure the business for efficient tax advantage..i.e whether an LLC, C-corp, investment trust....am looking for the best approach for most tax savings, etc. I have become VERY leary of Traders Accounting.
I read the earlier posts in 2009, and didn't take heed.
I got a quote for what I needed to get done, and got blown away by the price and didn't hire them.
The closer it got to the deadline to set it up for 2010, the less confidence I had of doing it on my own with the time remaining.
I called them to get it done, but with a bad feeling, and bad service from every contact with the company.
I could tell the outcome wasn't going to be good.
I did get my business set up, but it was pretty ugly getting there.
The bottom line is, don't do business with this company.
The only thing's they do well is sell you on their product, and take your money!
Do yourself a favor, do business with a local company.
Thanks, Emini! I live in NY and took your advice. Boyer tax Services out of Gilbert AZ prepared my tax returns and schedule D for 2009 & 10. I was impressed with the speed and accuracy! The folks at Traders Accounting took 9 months to complete garbage.
I am having Boyer file a partnership LLC for me as well. THANKS AGAIN!
Last edited by gold-etf-alure; 08-25-2011 at 02:42 PM..
Reason: misspelling
Thanks, Emini! I live in NY and took your advice. Boyer tax Services out of Gilbert AZ prepared my tax returns and schedule D for 2009 & 10. I was impressed with the speed and accuracy! The folks at Traders Accounting took 9 months to complete garbage.
I am having Boyer file a partnership LLC for me as well. THANKS AGAIN!
It's interesting that you guys found a service you like out of Arizona. There is a law firm in Phoneix I've referred a few people to when trying to make a business deal work, but needed to take it to the next level when it came to the tax implications. I'm not familiar with Boyer at all, but will check them out. Thanks for sharing.
MTnFlyer, I hate to burst your bubble, but I must caution you. I am just now reading this forum because I have been researching out a name that unexpectedly kinda came at me that reminded me of some BAD experiences with Traders Accounting. I was with TA long enough to have several names on my list of unhappy experiences. Among these names was a lady named Michelle Boyer. I checked out the business you mentioned online and found still another name I was familiar with in TA. And to top it off, I found an incredible story about Michelle Boyer CPA on the site called Ripoff Report. I highly recommend GNM Trader Tax (previously Green Trader Tax). I have used them for the past 5 years. No problems, no delays, courteous, great communication, reasonable fees. Meanwhile, I hope you weren't burned by Boyer. I always hope to experience the better side of various people. It just seems very difficult to find honest and reputable people in trade accounting and tax services.
MTnFlyer, I hate to burst your bubble, but I must caution you...Among these names was a lady named Michelle Boyer. I checked out the business you mentioned online and found still another name I was familiar with in TA. And to top it off, I found an incredible story about Michelle Boyer CPA on the site called Ripoff Report.
Hi Keeppluggin3:
I think you may have misread my post above. I'm not familiar with Boyer, so I certainly wouldn't endorse her. I think what you're seeing is where I included someone's quote in my post prior to my response, just as I have done with yours above. If I'm looking at the wrong post, please feel free to correct me.
I have no trouble believing you have found a long list of unhappy clients from Trader's Accounting. Since this thread started I can't begin to estimate the number of PMs I have received from members who sign up to contact me and each seems to have their own horror story to relate. I have even had to pleasure of meeting a few of them at a recent continuing education seminar on estate planning, tax law, and trusts.
I have never dealt with the other firm you mentioned, but I hope they continue to do well for you. The industry seems to be rife with con artists, poor work ethic, and just plain old fashion incompetence which is sad because most of the professional traders I know work hard for their profits. Best of luck to you, and I love your name.
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Trader accounting help
