by Robert A. Green
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Product Description
Taxes play an integral role in trading success, yet no book today clearly and adequately explains the tax issues that are unique to active traders and investors. The Tax Guide for Traders provides traders with practical material on how to minimize the impact taxes have on their hard-won profits. Written in a hands-on style that appeals to traders as opposed to accountants, it discusses the best ways to set up a trading business, key tax forms and how to use them, tax treatment for specific types of securities, what to do in case of an audit, and much more.
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Average Customer Review:
1 of 1 people found the following review helpful:
 A good reference for part-time and full-time traders, 2008-08-18
For most individuals, the book recommends creating a Limited Liability Company (LLC) and then discusses some of the benefits that can be had if BOTH the LLC and Mark-to-Market (MTM) accounting are used. Note that it may not be possible for some less active traders to justify the use of the second of those.
This is a repetitious book and I would have prefered a different way of organizing the information. For example, the basic strategy and benefits could have been easily explained in the first chapter and subsequent chapters could be used to list all the caveats or alternatives.
Nevertheless this is a book I would definitely buy again.
18 of 19 people found the following review helpful:
Full of Useful Information But Needs an Editor, 2006-09-14
This book is full of useful information and strategies for active traders and investors. However, it is poorly written. The author repeats himself often, while omitting important information that I guess he assumes the reader knows (for example that the mark to market election can only be changed once chosen with the specific consent of the IRS). Sections and subheadings are poorly organized. Often the author writes something like: "we recommend X for the following reasons" and no reasons follow. The book desperately needs editing. If you are prepared to put up with this and have a good understanding of the basics of the tax code as they apply to investing already then this book is very worthwhile reading. I am just starting Ted Tesser's book on taxes for traders. It is a MUCH better read. I have yet to see if it is as useful.
50 of 54 people found the following review helpful:
 Everything you wanted (and need) to know..., 2005-01-29
If you are an active trader, this book MUST find its way into your hands. It covers every issue necessary to help you in filing your taxes with trader status. If you can file as a trader, a whole new world of business expense deductions will be open to you. I found that this book answered every question I had, along with some I hadn't even thought of yet.
If you are familiar with author Robert Green's Green Company website, you know how much information and detail he has to share. And if you've read the many pages on his website or his articles in "Active Trader" magazine, then you know how Mr. Green is able to take the otherwise complicated and confusing (and sometimes boring) subject of taxation and present it in a way that almost anyone can follow.
You will find chapters dedicated to important topics such as entity selection and formation for traders, mark-to-market accounting, retirement planning, and tax planning, along with several examples of IRS forms filled out for various types of traders. Mr. Green recommends simple, legal, and proven techniques for reducing the number one cost of traders -- taxes. And he doesn't use risky "tax avoidance" or "multiple-entity" schemes.
This book was written just a few months ago, so it is very up-to-date. In addition, the book promises to publish free updates on Mr. Green's website. So while the tax code may constantly change, this book should always be current.
I don't think this book should be thought of as a replacement for a qualified tax professional familiar with the needs of traders, although I suppose some folks may be able to file their taxes correctly with this book's help. The tax law is just too complicated and the rules are constantly changing from court decisions and lawmakers in Washington. But this book will help you run your trading like business in a way that will allow you to maintain trader status and make life easier at tax time.
I have read every book and website I could find on the subject of trader taxation and entity formation. This book, "The Tax Guide for Traders", is the best yet. I highly recommend it.
51 of 55 people found the following review helpful:
Read it before visiting your CPA, 2004-12-15
The book discusses issues that should be considered before filing as a trader. It also discusses factors that traders should consider before electing mark-to-market accounting. The guidance here is consistent with what I've read and heard from other credible sources.
A chapter is devoted to choosing the form of entity--single member Limited Liability Company, sole proprietor, etc. The book mentions several times that a tax professional should be consulted before selecting a form of entity for the trading business. This point cannot be overemphasized.
Another chapter includes the author's recommendations for establishing retirement plans that traders who have established a business entity may find useful. The book also discusses allowable deductions for traders.
The chapter on proprietary trading discusses considerations when trading a firm's capital instead of your own, and what to consider before associating with a firm as an employee or independent contractor.
For the most part, the book uses examples to illustrate key points effectively. The chapter on IRS audits includes a couple of cases studies--an audit of a part-time trader and an audit of an unprofitable trader. Illustrative Schedule Cs (Profit or Loss from Business)--for a sole proprietor and an LLC--are presented and discussed in some detail. The chapter on futures and commodities trading seemed to lack the level of detail that was present in other parts of the book, although it does provide a good overview of the relevant issues. As for taxation of equity, index, and ETF option trades, the book does not offer any guidance at all in this area.
The author is a CPA, and CEO of an accounting firm that provides services to traders and investors. This edition of the book was published in late 2004. Readers are invited to log on to the accounting firm's web site to get updates on issues that were not included in the print edition when it went to press. The web site also has links to journal articles published by the author that will be of interest to active traders.
I was somewhat bothered by the Introduction to the book, where the author appears to take a dim view of other tax professionals who serve trader/clients or want to get into the business of serving them. We are told, for example, that unless your local CPA or tax attorney handles "dozens" of traders, they probably will come up short in their advice to you." Dozens? Oh, come on now.
That said, I believe the book is a good starting point for active traders who are considering making a business out of it. With this information at hand, you should be able to ask good questions of your local CPA. He or she should be able to put you on the right path or, if appropriate, refer you to another tax professional with experience in this area.
Price is accurate as of the date/time indicated. Prices and product availability are subject to change. Any price displayed on the Amazon website at the time of purchase will govern the sale of this product.
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