How do you work on your tax when you have thousands of trades in a year? According to Alpaca/Turbotax faq the number of trades will be away over the Turbotax limit if I follwo my current strategy.
Is it better to hire a tax professional ? How much does it usually cost? Any tips will be appreciated!
Yes, it is highly recommended to hire a tax professional. Their cost varies based on your filings. Ours cost us about $600 this year. They won’t ask for a detailed list of all your trades. They will just want to know what your capital gains/losses are. You will have to retain your trading records at home in the event you get audited.
Thank you so much! That really helps. Would you recommend any online tax program or CPA?
I certainly wouldn’t use an online tax preparer and don’t use a chain like Liberty Tax. Their folks are not certified tax accountants and are barely trained to use the software (I know this because I was one of them). There should be plenty of available local options to you. Check out Yelp or Google reviews and use one that you think is a good choice.
Sounds good. Thank you!!