Tax Tips for Day Traders
By Bill Bischoff
June 17, 1999

Bill Bischoff is an ongoing featured tax writer in Smart Money (print and Web). Bill consults with our Robert A. Green, CPA whenever he writes a story on day trading tax matters.

Quote about Green in this article:

“Just to make sure I’m not leading you astray, I asked New York CPA Robert Green (a noted guru on the subject of trader tax rules) to check my work. He gave me a passing grade. By the way, I encourage you to visit his Web site. Green’s firm publishes comprehensive materials on this subject and assists traders all over the country with their tax returns. If you want professional assistance with this stuff (who could blame you), I’ve already told you about the experts at Green’s Web site.”

Testimonials

While I do not day-trade (I prefer swing trading and position trading on stocks), I want to thank you for the great content and webinars that you host. In particular, I thought that Robert Green did an excellent job going through the tax issues that traders encounter including 1256, mark to mark and other provisions. Robert did an excellent job summarizing the key provisions and explaining them in a concise and understandable manner. Unlike other "so called" experts" who hype "trader tax status" and other provisions to lower taxes, Robert realistically conveys both the risks and benefits in a balanced and professional manner. In listening to the seminar, Robert's passions and enthusiasm for the topic was consistent throughout the whole seminar. Lastly, his advocacy for fair and favorable provisions for investors and traders allows him to be well informed about potential legislation/regulation and hopefully to have a positive impact on the process. I would add that I have a Master's in Taxation from Pace University. I had the benefit of taking classes in the tax treatment of partnerships, corporations and financial instruments. More important, I wrote my thesis on the traders’ tax cases that have come out. In doing my research, I found that Robert Green's books and blog were very informative. I would highly recommend that traders listening to the call to purchase his materials and review the blog. While I cannot personally attest to the quality of Robert's consultations and preparation f tax returns, I believe that Robert has a good understanding of the key issues. Lastly, I would mention it is important to for traders to use a specialist tax accountant who has expertise and experience in this area, and not utilize a "generalist."

PB, CFA