50-Minute Consultation

Consultation Availability Update: We are currently fully booked through April 19. Secure your spot now—purchase today and schedule your consultation for April 20 or later. You don’t need to contact us in advance; purchase the service and schedule your appointment immediately. We offer weekday appointments, and you can get scheduled within a few days. See which CPA has availability at your desired time when booking. You can have this 50-minute consultation with CPAs Darren Neuschwander, Adam Manning, and Star Johnson. It’s your choice. They will evaluate your trader tax status (TTS) eligibility and discuss wash sales, the Section 475 election, entities, employee benefits, and other trader tax issues. They will also answer your tax questions. The consultation covers: Assess trader tax status (TTS) eligibility. With TTS, you can deduct business, start-up, and home office expenses on Schedule C. No election was required for TTS, whereas Section 475 mark-to-market accounting requires an election. Review TTS expenses and how to maximize these deductions. Tax treatment for financial products, including securities, Section 1256 contracts, options, ETFs, ETNs, forex, cryptocurrencies, precious metals, etc. Tax treatment varies considerably based on what you trade. Dealing with disallowed wash sale losses (WS) on broker-issued 1099-Bs. The essential issue is what WS is open at year-end. With a Section 475 election on securities, avoid wash sale losses and the $3,000 capital loss limitation, and perhaps qualify for a 20% qualified business income (QBI) deduction. April 15, 2025, was the deadline for existing individuals to elect Section 475 for 2025. A new entity can adopt Section 475 within 75 days of inception (entity formation). Segregate trading vs. investing in improving tax results Determine whether an entity is valuable for you and which entity might be best for tax benefits. Discuss high-deductible retirement plans for TTS traders using an S-Corp. Discuss the SALT cap workaround strategy to deduct excess SALT payments in about 36 states. Consult on tax compliance issues for traders eligible for TTS. After the 50-minute consultation, they will email you a memo with their notes and suggestions for the next steps. The meeting time will be up to 45 minutes, and they will spend 5 minutes completing the email memo. How to get started: After payment, the Checkout page shows downloads. Click the button for a 50-minute consultation to download a one-page PDF. Open that PDF file for instructions, including links to our CPA’s online calendars, and schedule a time by phone at your convenience. Act fast to schedule your consultation before April 15. If you have any questions, please get in touch with us at info@gnmtradertax.com.