Hello all,
I am looking for a new CPA for our taxes in general but I am very much in need of one who is very well versed in taxes for traders. I have formed another LLC specifically as a trading entity as I don’t want to have to prove myself to the IRS as a trader.
I spoke to a high level individual at Dorman regarding their requirements of the LLC structure so it would be built exactly to order. I didn’t want to create it as xyz and in order to trade as an entity Dorman needed it zyx.
I would like the LLC to be a pass through into a Holding company from which I will draw a meager salary. I was speaking to an old friend who is quite knowledgeable as a CPA but not at all regarding what futures trading is and the difference in how it is taxed.
I don’t know if I need a tax attorney or a CPA to guide me through the process. I am not planning on shorting Uncle Sam but I do want to take full advantage of writing off subscriptions, education, equipment, office space, internet etc.
If anyone has someone they recommend who has helped them through this process I would enjoy speaking to them and or throwing some business their way.
Upon searching the web I saw there was a free 30 minute consultation with trade accounting and thought… this is all the time I need. It turns out the 30 minute freebie was to help you form a LLC which I had done. They offered instead to have me speak to their tax attorney at a rate of $200/hr.
As I have heard Darrell mention in the past, I want to keep it simple and reduce costs until I am making enough to pay these costs from my profit.
If any of you have experienced this I would really be interested in following your path. Any guidance you may provide is appreciated. If you use someone you trust feel free to send me a PM if you want to pass along their information.
Thanks a TON!
Scott
(Sorry for the novel)