Individual Tax Compliance (First-Year Traders) – Partial Payment & Minimum Price

Please only purchase this first-year tax compliance service if we invited you to.

Price: $1,795.00


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Update June 15, 2021
We plan to accept new clients eligible for trader tax status (TTS) for our 2021 tax compliance service. A few requirements: Start the process with a 50-minute consultation ($350) in 2021, where we establish if you sound eligible for TTS and should benefit from our 2021 tax compliance service. We accomplish much more in this consultation, too. 
Next, at your request, we schedule a new client evaluation (NCE) using our 15-minute add-on consultation service ($105). We'll email you that service link; it's not in navigation. In the NCE, Darren Neuschwander or Adam Manning will look at your prior-year tax return and our 50-minute consultation memo. They will give you a quote estimate of our fees and an idea of the value you might receive from using our tax compliance service. Finally, we hope to invite you to purchase our product: Individual Tax Compliance (First-Year Traders) - Partial Payment & Minimum Price. 

Our tax compliance service includes

  • Plan and prepare your individual federal and state tax returns, including your spouse, on a married-filing-joint tax return.
  • Assessment of trader tax status (TTS): If you qualify for TTS for any part of the year, we can add a Schedule C to deduct your trading business expenses, startup costs, and home-office expenses above the line from gross income. TTS does not require an election, whereas Section 475 MTM does.
  • In a tax return footnote, we explain trader tax law, how you qualify for TTS, tax elections like Sections 475 MTM, the tax treatment on financial products, and more. Avoiding IRS questions is vital.
  • If you traded securities, there is complicated accounting for wash sale loss adjustments or Section 475 MTM accounting, including a Section 481(a) adjustment for the first year of the election. Consider our trade accounting service in conjunction with our tax compliance service.
  • A timely-filed Section 475 MTM election statement and Form 3115 (Change of Accounting Method) perfect the Section 475 election.
  • Tax treatment for traders can be confusing, and we get it right, taking advantage of losses where possible and lower Section 1256 60/40 capital gains rates. Traders can depart from broker 1099-Bs where entitled, and we explain it in the tax return footnotes.
  • The home-office deduction is one of the most significant deductions for traders, and a trader needs to make special moves on the tax return to unlock the full deduction.
  • 2017 Tax Cuts and Jobs Act: We focus on tax law changes that affect your taxes, including but not limited to suspension of investment expenses and other miscellaneous itemized deductions, the 20% deduction on qualified business income in pass-through entities, and other tax benefits.
  • 2020 CARES Act: We focus on five-year NOL carrybacks and other issues impacting traders.
  • If you have a pass-through trading entity, we maximize tax benefits between the individual and entity tax returns, including unreimbursed partnership expenses (UPE) and accountable plan reimbursements with S-Corps. We also focus on employee benefits, including health insurance and retirement plans with S-Corps.
  • Proprietary traders: If your prop trading firm issued a Form 1099-Misc for Non-Employee Compensation, we add a Schedule C to report that revenue and deduct trading expenses, including a home office, to reduce net income, income tax, and self-employment taxes. With self-employment income, you can maximize a retirement plan and health insurance deduction. If your prop trading firm issued a Schedule K-1, we would focus on deducting trading expenses as UPE on Schedule E.

After purchase, our administration team will follow up with you by email to commence the tax compliance process. See how our virtual communication process works efficiently.

Our partial payment is also a minimum price. Kindly expect a balance due to our fees when we complete the tax compliance engagement. Please read Price & Billing Policies for more information.

If you have any questions, please contact us.

Thank you for trusting our firm to help you. We've earned trust from traders since 1983.

Robert A. Green, CPA
Darren L. Neuschwander, CPA
Adam W. Manning, CPA
Members, Green, Neuschwander & Manning, LLC