How does one find experts???

[CarrieW]

I really need to sit down face to face with someone that knows about taxes and forex trading...

Its so new, few individuals do it so few accountants Ive spoken with even know what it is let alone know anything about it. right now Im not worth their time to find out...

Am I looking at the wrong type of advisor here? Is there someone else that I need to contact to get information?

If anyone has any ideas I would greatly appreciate it. I really dont want to be a burden to Diane! shes been awesome at answering my questions.

I need alot more info tho, Id really like to figure it out...

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

Yes I am pretty certian from what Ive read it is treated differently then other markets. I dont know why. I am not sure how its figured out. thats why I need someone who knows about this stuff. theres so many ways it can be handled I need to figure out what they are and then which one is right for what I intend to do.

when I have to explain to the guy what forex trading is I cant really be comfortable with his opinions on the matter can I?

 

[yveskleinsky]

I would start by becoming your own "expert". Read about 30 books on the subject- which will give you a better handle on the kinds of questions you need to be asking true experts. ...Have you asked Diane/others about some questions you could ask to determine the true expertise of the experts?

 

[Diane Kennedy]

Might as well weigh in on this -

No matter what your specialty or question, you can find experts. The more expert the advisor, the more it's going to cost you.

You'll also find that the top advisors are notoriously short on patience. If you need basic information, do NOT go to an expert - go to someone who specializes in start-up. Learn the basics and then move up eventually to the expert.

Carrie, I've seen you post in another thread about some of the uncertainty about your current property. My suggestion is that you get the past resolved before you move on to anything new. Otherwise, that other stuff is going to cloud everything you do forward. This weekend, create an action plan for how you can resolve exactly what is happening with that property by the end of next week. (And you can easily do that) When it's behind you, move on to the next item.

How to talk to an expert

Practice communicating in bullet points. What is it you want to know in 60 seconds or less? What information does the person you're asking NEED to know?

If you're dealing with a lawyer, talk in legal terms. If you're dealing with a CPA, talk in accounting/tax terms. It's up to you to get your vocabulary up to speed.

If you're not yet there, start with someone who isn't as experienced. Read books. Post and learn at The Fast Lane forum (don't just come here to whine.)

Final Note

I see it again and again where someone protests "I can't find anyone who knows this" and, with all due respect, I cry BS on that! There are lots of experts in all kinds of things out there. What you typically can't find is (1) someone who will spend hours with you teaching you basics for free or (2) someone who lets you just "pick their brain" whenever you feel like it.

You can absolutely find "mentors" who will give you unlimited access, but you will pay for that time. And you can find people who will teach you the basics, but you will pay for that time as well.

What is hard to find is someone who is at the top of their game who spends one on one time with people who want to know the basics. That's why I have the DKAffiliated CPAs - for people who want to pay me and otherwise qualify (as in they have the basics down), I work personally with them. If it's someone who is just beginning we have referral CPAs who have trained with me.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Diane Kennedy]

Is there a reason why trading FOREX would have different tax consequences than trading any other markets? Assuming not, I'm sure it shouldn't be too hard to find a CPA who has knowledge of trading issues.

Actually JScott, FOREX is treated differently. There's an interesting little loophole right now in how you calculate the tax. I posted a link somewhere on this. Carrie's had a couple of posts about this and I responded with the link that answered the question.

 

[Diane Kennedy]

Ah, sorry I missed those other posts...and sorry if I gave out any bad info!

Thanks Diane!

No worries!

 

[CarrieW]

I didnt realize I was whining here...

I thought I doing excatly what you said. trying to find the info I need to ask the right questions.

Like I said in the previous posts when the people I call need me to explain what forex is I am not comfortable in their responses that its just like stock investing... cause it isnt.

I am not a cpa or an accountant. I didnt want to do the taxes myself. but if I can figure out and study the options then I may just end up doing it myself.(ive done our own taxes for a few years)Unless i start a c corp to trade in... then i will still need a cpa. still I dont think its going to be easy to find someone who really knows what to do. I need to know that things are being handled properly according to my needs.(not just like a stock investment!)

Theres a program for forex traders. its a tax software cd. Its most likley just what I need. but its like a turbo tax. it doesnt explain what you need to know to make the decisions I need to make.

Sure if i had a few hundred dollars i could go in and speak with someone. someone who doesnt know anything about forex. and Maybe they would do the research to give me the correct answers. but i was hoping to find someone who knows already. that will be able to answer my questions as I pose them. (such as the best case scernerio for trading as myself and what the consequences will be if i decide to incorperate. I may think i know what i want to do but what if there is something im overlooking. this is where professional advice is needed.

Sure he may not know everythig. But come on I shouldnt have to explain what forex is!

I have called accountants in 2 different states... basically i have gotten the same responses from about 30 accountants.. Whats forex?

I am sure the expert is out there for me. I just dont know where to look to find them. I thought maybe someone else would know the professionals titles (of people who do alot with investment income) cause a reg accountant isnt going to cut it.

As for your so called professionals lol. I was an exchange coordinator for a 1031 exchange company. we had several clients with real estate lawyers and every one had a cpa. try to go to a lawyer or a cpa or an accountant to answer questions on a 1031. LOL> you are so not going to get it. they always deferred their questions to us to answer. even the lawyers wouldnt draw up legal documents or figure out the proper equity spread needed. WE HAD TO DO IT!

Idk I really need someone who knows this. and you may think its a bunch of bs that i cant find someone who knows. But i can assure you its not!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

and sure i can find a forex trading mentor.

but funny thing is they wont advise you on any tax issues other then to contact an account or cpa knowledgable in forex trading.

which is what im trying to do! and I am willing to read anything that may help me figure out what itis i dont know.

my question is simple in accurate enough terms. What can i expect to pay % wise in taxes from forex trading overall. I am in the lowest tax bracket with earned income...

and the answer i get is whats forex or its just like any other investment income such as stocks.... which from everything Ive found says otherwise!

 

[CarrieW]

theres only a few people I could/would chose as mentors(have to pay if Id like mentoring)but as for the dealing with tax implacations they cant help me here in the us when they live in south africa and denmark!!! (forex=global market)and with over 90% of people failing at this most traders are trying to deal with losses not gains...

I have found some places online that deal with trading taxes. thats where Ive found info at. I posted what ive found in the loophole thread.

Thanks for trying to help me tho!