Green Trader Tax Review

Day trading has been a popular form of income and a profession for many people for many years, and now more so than ever before as the Covid-19 pandemic and unreliable economic and political climate leave individuals looking for more remote forms of income. However, day trading can be a great source of professional income but it can become complicated when it comes to paying and organizing the correct amount of tax.

Green TraderTax is a company based in the US that works exclusively with top trading companies and traders to offer them sound advice, information, and services to make sure they are receiving quality advice on paying tax on their trades, as well as, conducting their trades more professionally. Green TraderTax was created in 1983 and was formed by several top tax consultants and traders who previously worked with the Green, Neuschwander, and Manning (GNM )Trader Tax company. These consultants continued to work alongside the GNM Trader Tax company in their new venture at Green TraderTax.

Green TraderTax claims to be focused on providing their services for the needs of the traders and is focused on providing what they know from experience that professional traders need to be successful in this business. Green TraderTax have more information about the history of their company and the different legal authorities which their company works with which you can find out more about here.

If you are interested in a little more information on trading tax and how day-trading taxes work, here is a video by trading professional Patrick Wieland who breaks down everything you need to know about Day-Trading Taxes.

The Services that Green TraderTax offers

According to the official Green TraderTax website, Green TraderTax offers three-four main services; Tax Compliance (Preparation/planning), Consulting, Accounting Services, and IRS & State Tax Representation. This segment will take a closer look at these four different services and what exactly they include.

Tax Compliance (Preparation/Planning

Every year companies and self-employed individuals are faced with filling out their tax returns. This process can be long, and arduous for those in the field of professional trading whose income doesn’t come from a direct corporate company. Green TraderTax offers a service to help with this by offering a tax compliance service to give you guided advice on how to complete your tax return correctly and get the most from your taxes.

GNM’s tax compliance service claims to help their clients plan and prepare for their annual tax return hand-in and can help their clients with both individual tax returns or a spouse or married-filing-joint tax return. They also claim to offer help with both federal and state-level tax returns. GNM help their clients in understanding the local and federal law surrounding tax return for traders and offer to go into great detail to make sure their clients receive money back from expenses, accommodating for wash-safe loss adjustments and using their expertise to minimize deductions the professional may receive from tax.

This is a crucial service for the day trader who uses day-trading as their full-time job or hobby but doesn’t necessarily know much about the tax and legal repercussions of day-trading and needs advice. GNM seems very experienced in this field and appears to offer sound advice with this service.

Consulting

Another benefit for clients who are navigating the confusing world of tax surrounding tax returns and paying tax on professional income gained from day-trading is GNM’s consulting service. This service allows clients to contact the team at GNM with specific questions on tax compliance, and tax consultation. The client should be prepared for the specific questions they want to ask as the price tags for a 50-minute consultancy with GNM are not cheap.

A 50-minute consultation with the GNM managing members, Darren L. Neuschwander CPA, or Adam W. Manning CPA is the cheapest option, costing the client $350.00. Likewise, 50-minute consultation with Robert A. Green of the GNM company will cost you $350.00, and a consultation with Robert A. Green on Entity Tax will cost the client $420.00.

These consultations can be costly but you are paying for their expertise in the field and this is great for trading professionals or companies who have a specific problem that they need to solve quickly.

Accounting Services

As with other areas of businesses and financial problems, accountancy is an important part of the day-traders’ life to make sure they keep everything above board. GNM offers a dynamic, trader-centered accountancy service in securities and section 1256 contracts. GNM claim to use highly-advanced technology to protect the security of their clients and their funds and offer them the best advice and moves to boost their capital growth and minimize losses and deductions. GNM also offers accountancy services for clients’ crypto-currency.

This service is great for security traders who want to maximize their profits, minimize their losses and keep track of how much capital they are spending or collecting each month. GNM claim to take all of your trade information from the year and use their accounting solution software and prepare the necessary forms to give the client an annual review over the year, showing how much they must pay in tax and giving any future advice on the tax year ahead.

Alongside their services for cryptocurrency and security accountancy management, GNM also offers a service in General Ledgering which will give the client a balance sheet dictating their general losses and profits across their trades, as well as, their debit and credit cards. This is a great tool for professional traders who want to focus on the trading side of their careers but need someone else to take care of finances and give them an overview of what they need to make in the coming months.

IRS & State Tax Representation

A big fear for lots of traders when dealing with tax is under or misrepresenting how much tax they should pay and getting into trouble with the Inland Revenue Service (IRS). GNM offer a service whereby they can create tax notices and exam representation to notify the IRS of any misrepresentations or mistakes on their tax return files. This is a great service, as discussed before the procedure can be long and complicated and a simple mistake on the tax return form could be a major issue for the IRS. This service helps to clean up these problems and offers advice and support if any problems with the IRS arrive.

These services are not cheap though as an IRS and Tax State Notice cost the client a partial payment of $950 and the IRS and State Tax Exam Representation will cost a partial payment of $2,500.

As discussed above GNM offer many services regarding tax for traders, however, many of their services don’t give a specific price on their website and request the client contacts them for more specific information regarding the price and the service itself. If you are interested in learning more about these services, you can find more information here.

Virtual Process

Green TraderTax claims that all its consultancy and accountancy processes are cloud-based and boast many benefits of this to its clients. They claim that the virtual processor is more efficient with less time wasted collecting and holding onto papers, the cloud system uploads and stores all your documents securely and with encrypted codes for extra safety measures.

They claim that this process offers the clients more effectiveness and the ability to work with any firms throughout the country and have the ability to travel and use the firm they want to use whilst also being able to access their information and documentation via the online platform. They also tie in that this boosts the convenience of this service, as users can access their documentation or consultancy needs from their home and no longer have to make trips to the accountants’ office. and with video conferencing and zoom calls, clients don’t have to travel many miles for conference meetings or discussions with their consultants.

They claim the final benefit of this system is that it allows Green TraderTax to give their clients the personal touch. They cite that the long-term relationship with their clients is key and the use of emails, phone calls, and online forms of communication allows them to stay in closer touch with their clients than if they were an office-based company.

Tax Center

As previously discussed in this article, the world of paying tax as a professional full-time or day trader can be difficult and there are many different pieces of legislation, terminology, and perspectives to be accustomed to avoid making mistakes. Green TraderTax aims to help minimize the confusion and increase the learning and understanding of these terms by offering a ‘Tax Center’ where they offer helpful articles, descriptions, and explanations about these key pieces of information.

Some of the topics they cover include; accounting and equity solutions, tax planning, proprietary trading, as well as, the tax, cuts and jobs act, and the CARE act. These are all great articles with a bountiful amount of priceless information that potential clients for Green TradeTax should take some time to read through and understand to work out exactly what service they need from this company. If you are interested in finding out more about these topics and want to read these articles, you can find them here.

Green Traders Tax Guide

Green Traders Tax offers a PDF guide to maneuvering through tax breaks and creating the most from your capital. The 120-page guide allows its readers to learn strategies and moves for trading and paying tax in 2022 to gain more profit and pay less tax from their trading profits. The guide is written by the CEO of Green & Company, Robert A. Green, and has been updated and released every year since 1997, having been viewed by many happy customers who consistently come back every year for the updated copy and the latest advice. Green’s 2022 Trader Tax Guide is available for the price of $68.95 which is fairly reasonable and may be a cheaper alternative for lower-level traders who can’t afford their pricier consultancy services yet. If you need more information about the tax guide and where to purchase it, you can find more information on their website here.

Conclusion

Organizing tax returns and cutting through the red tape of what taxes you need to pay whilst also maintaining a healthy capital for yourself can be stressful and arduous for many business owners. This can become especially complicated for traders who run their trading as a fixed professional business. Green TraderTax seems like a legitimate consult for this problem and has become a leading solution for many professional traders.

Their website offers clear advice and guidance through their blogs, articles, and tax guide, and they have a team of professional accountants ready to help out with any problems that the traders might have at the touch of a button. They have a wide range of services from general consultancy to more managed accounting to suit the needs of any potential trading clients.

Green TraderTax doesn’t explicitly show the prices for a lot of their services and requires the consumers to get in touch first for a quote on the prices. However, the prices they do show are pretty steep starting at around $350 for a basic 50-minute consultancy. These prices could make this company a little unaffordable for most low-level traders but their wide variety of expertise could be a great investment in the future of a trader’s professional career.

Overall, it seems that Green TraderTax is a legitimate and trustworthy tax accountancy company for traders working in the field professional field and if you read this article and want to find out more about Green TraderTax or want to get in touch with their team, you can visit their website here for more information.

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Green Trader Tax Review