Tax Return Preparation
We provide a complete line of tax return preparation services for all types of entities, and not just your trading entity. If you wish further information on our tax return preparation, process and fees, please feel free to contact us via telephone or, preferably, email or click here.
You may also link to Gregory L. Buhrow, CPA, PC website here.
Make sure to read the data requirements to determine all the information to provide, formats for trading data, scheduling and billing rates.
Trading Tax Form Preparation
We can work with you and/or your CPA to prepare your Form 8979/Schedule D, Schedule C, Form 4797, Form 8995 or Form 6781 for inclusion with your tax return.
To find out the information we require to get started click here.
A recent Journal of Accountancy article asked the question of CPA’s, “Why did you become a CPA?”.
One of the top answers listed was “so that I could answer those ‘I have a quick question’ you get when someone finds out you’re a CPA.”
I am happy to answer a “quick question” if it is indeed a quick answer. However, most option tax questions are not quickly answered and result in an initial answer that brings up another question, and so on.
Also, based on my experience, email is the preferable method to conduct a consulting engagement. Not only is it more focused, but you have a document in which to refer should you miss a point during a discussion.
Therefore, I have established a PayPal™ account for those “quick” questions that turn into hour-long explanations and consulting engagements.
The minimum fee is $95 and purchases the initial 30 minute consultation and $175 for an hour. The hourly rate is $180 for tax return preparation. If you would like to purchase a consulting engagement now, please click Purchase Consultation below.
However, before purchasing, please send me an email with a few questions (2-3 maximum). What you might think is a lengthy issue I might be able to answer in a few minutes ... at no charge.
Option Trade Tracking Template
I have developed - and use on every trade - a single Excel workbook with multiple tabs (and close to 5000 lines of VBA code) that allows me to perform in-depth due diligence and evaluate a stock both fundamentally and technically. However, since I am a MTM Trader, the fundamental due diligence has been turned off and I stick with technical chart and price movement due diligence.
Also, I determine what strategy to use and my exit points before I enter the trade, which is basically where I want my gains or losses to stop. It calculates my "trading basis" which is not a tax term but the amount that determines my gain or loss on a running trade, ie, an assigned short put with 5 weeks of covered calls. It helps to determine my strike price on the short call.
After I execute the trade I can track it there as well and once exited, determine my return(s) and export the results in tax return format or for attachment to popular tax software.
I have developed demos of the process and published them on my YouTube channel.
To view the demos and find out more about the software simply click here.
I previously sold this template on this website but could not offer support because of the size of my firm. Therefore, I leave the demos there to provide information on how to gather the proper information for option trading where assignment and exercise are probably or even the goal.