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Tax question

 
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mikeh



Joined: 16 Aug 2005
Posts: 10
Location: Akron/Canton OH

PostPosted: Sat Sep 17, 2005 11:41 am    Post subject: Tax question Reply with quote

Hi Nick, I am searching for some help regarding taxes and record keeping, so I am questioning a few of you traders to inquire about the best way to be properly (or just to simplify) set up for tax time. I probably have several thousand trades on already for the year. I know that through IB you can import into quicken and from quicken you can import into turbotax, but i have had some difficulty with this.

Have you had any experience with GainsKeeper or an other programs that has made your life easier. I know several in the room simply bring there tax stuff to their cpa but i am sure this would be quite an expense for me.

I would be so grateful for any ideas that have helped you in this area.

Thanks much and bless!

Mike
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NickTrader



Joined: 19 May 2005
Posts: 313
Location: Halton Hills, Ontario, Canada

PostPosted: Sat Sep 17, 2005 1:07 pm    Post subject: Reply with quote

Hi Mike, As I tell my wife "... I don't do windows..." ;-|

As such, I don't do taxes. I do what I do best and let the tax accountant experts do what they do best. I've found this to be the most cost affective in the long run. Tax laws, family tax planning, estate tax planning, corporate tax planning and it's inter-relationships etc. are too complex and changing constantly. My time is best used learning my business, not the tax accounting business. JMHO.

I've been audited 3 times, and my accountant has handled all disputes at no additional cost to me. In fact, after one of those audits I received an additional small refund after the review process. Go figure.

I print the IB available forms and hand it to the accountant.

Regards
Nick
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mikeh



Joined: 16 Aug 2005
Posts: 10
Location: Akron/Canton OH

PostPosted: Sat Sep 17, 2005 3:32 pm    Post subject: Reply with quote

Thank you Nick. I have only been doing this for about 5 months and trying to go the conservative route. A few years ago h&r block was charging something like $2.50 per trade. This may be too personal of a question but what can a trader expect to pay an cpa to perform year end taxes?

Thanks again for taking the time to reply...

Mike
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NickTrader



Joined: 19 May 2005
Posts: 313
Location: Halton Hills, Ontario, Canada

PostPosted: Fri Sep 23, 2005 4:08 pm    Post subject: Reply with quote

Mike, In our case, it includes corporate, as well as family (wife, duaghter) estate planning. Minimizing tax liabilities for the family by allocating assetts, income, bonuses, personal write-offs, etc. is beyond my tax knowledge. Therefore, the cost ranges depending what needs to be done and yours will surely be differernt from ours. It's probably best to get a quote locally, as the accounting rates will be different also. One of the benefits for me (besides sleeping well) is that if Revenue Canada ever questions me on my tax returns (and they have), I just point the finger to the accounting firm and it's handled for me. No additional cost. Money well spent IMO. If I can give 1 suggestion, interview a few accountants, or firms to make sure they have the experience you are looking for, one that you are comfortable with. I found that not all have a vast knowledge on day-trading as it relates to a business and some I just couldn't warm up to. (No per trade accounting cost in my case but again, local rates will be different). In my case, I found a firm consisting of a number of accountants that each had their own field of experience that I was looking for, and works well for me. Most of my time is spent with an accounting technition, that does the paper work and consults with the specific accountant as per my needs. Then during the year I will have a few meetings with the acountant for specific tax planning, reviews etc.

Regards,
Nick
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Porsche



Joined: 13 Feb 2008
Posts: 2
Location: Canada

PostPosted: Wed Feb 13, 2008 8:54 pm    Post subject: Reply with quote

I am using tradestation mostly and may use IB ... both accounts are active ... but have yet to make money ... LOL. Any recommendation on accounting set ups, pitfalls, accountants recommendations, etc. for Canadians?
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BB



Joined: 04 Oct 2006
Posts: 23
Location: So. Ca.

PostPosted: Tue Feb 26, 2008 4:51 pm    Post subject: Taxs Reply with quote

If you are just doing Futures, you just get a profit and loss statement from your broker,
its just your basic tax info.
I use edaytradertaxcom my self.
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BB



Joined: 04 Oct 2006
Posts: 23
Location: So. Ca.

PostPosted: Wed Feb 27, 2008 1:57 am    Post subject: Taxs Reply with quote

Never ever use H & R Block for tax's.
You might as well let the Gov. keep what they have, and send them more.
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