50-Minute Consultation

Price: $420.00

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This 50-minute consultation is with CPAs Darren Neuschwander, Adam Manning, Star Johnson, or Rachel Ellis. It's your choice.

They will evaluate your trader tax status (TTS) eligibility and discuss wash sales, the Section 475 electionentitiesemployee benefits, and other trader tax issues. They will also answer your tax questions.

The consultation covers:

  • Assess trader tax status (TTS) eligibility. With TTS, you can deduct business, start-up, and home office expenses on Schedule C. No election was required for TTS, whereas Section 475 mark-to-market accounting requires an election.
  • Review TTS expenses and how to maximize these deductions.
  • Tax treatment for financial products, including securities, Section 1256 contracts, options, ETFs, ETNs, forex, cryptocurrencies, precious metals, etc. Tax treatment varies considerably based on what you trade.
  • Dealing with disallowed wash sale losses (WS) on broker-issued 1099-Bs. The essential issue is what WS is open at year-end.
  • With a Section 475 election on securities, avoid wash sale losses and the $3,000 capital loss limitation and perhaps qualify for a 20% qualified business income (QBI) deduction. April 18, 2023, was the deadline for existing individuals to elect 475 for 2023. A new entity can adopt Section 475 within 75 days of inception.
  • Segregate trading vs. investing in improving tax results
  • Determine whether an entity is valuable for you and which entity might be best for tax benefits.
  • Discuss high-deductible retirement plans for TTS traders using an S-Corp.
  • Discuss the SALT cap workaround strategy to deduct excess SALT payments.
  • Consult on tax compliance issues for traders eligible for TTS.

After the 50-minute consultation, they will email you a memo with their notes and suggestions for the next steps. The meeting time will be up to 45 minutes, and they will spend 5 minutes preparing the email memo.

Please review the downloaded PDF and email receipt after purchasing this service from Green, Neuschwander & Manning, LLC (GNM). Click that PDF file for instructions, including links to our CPA's online calendars, and schedule a time at your convenience by phone.

If you have any questions, please contact us at info@gnmtradertax.com.