Reporting capital gains and losses from trading is a complex process.
There is "no magic bullet" when it comes to filing your taxes.
Doing your own taxes is not easy. In the last two years, the IRS has made numerous changes to the Schedule D, replaced the Schedule D-1 with a more complex Form 8949, and introduced new requirements for brokerage 1099-B reporting.
All of this came down in a whirlwind catching taxpayers, CPAs, and brokerages by surprise. The net result is that trader taxes have become much more complex than they were just a few years back. For example, one issue that gets overlooked by most traders is the fact that...
Most brokerage 1099-B reports are useless for tax reporting.
You may not believe this, but the IRS has different rules for taxpayers than they do for brokerages. In many cases your brokerage 1099-B will not match with what you, the taxpayer, are required to report on IRS Form 8949 and Schedule D.
The result is that many taxpayers over pay their taxes from trading, or under pay and face penalties, all because they relied solely on their broker provided 1099-B.
Popular tax programs were not designed for active traders.
You might also be surprised to learn that popular tax programs like TurboTax® and H&R Block at Home® import the same brokerage provided profit and loss information, with absolutely no way to verify its accuracy or make adjustments. In addition, most of these programs are not equipped to handle more than a handful of trades.
TradeLog was designed for the complex tax reporting needs of active traders and investors.
- Wash Sale Adjustments Done Correctly
Wash sales between stocks and options, and across all accounts - including IRAs.
- Accurate, IRS Schedule D Form 8949
Tax reporting according to IRS rules for taxpayers - not brokers.
- Adjust for various Corporate Actions such as Option Exercises and Stock Assignments
Don't rely on your broker to make complex tax adjustments for you.
- 1099-B Reconciliation and Adjustment Tools
Verify your tax reporting with broker reporting and make needed adjustments.
- Proper Classification of Broad-Based Index Options
Correctly identify index options for section 1256 tax treatment.
- Mark-to-Market Accounting Features
For traders with IRS section 475(f) status, and traders of section 1256 contracts.
- Customized imports for over 40 different online brokerages
The broadest brokerage support in the industry.
TradeLog has been generating accurate Schedule D tax reporting for traders and investors for over thirteen years. We encourage you to see for yourself what makes TradeLog the top choice of tax experts and traders like you.
"TradeLog is the only trade accounting program on the market that our CPA's are comfortable
using at tax time when we sign your income tax return."
- Robert A. Green, CPA
"In the vast sea of software companies, you swim far above all the rest.
Without TradeLog I would probably give up trading altogether!"
- C. Cacciola
"Thank you for this great software and support."
- A. Toyofuku
"TradeLog saved me hours of work. I would never have completed this year's
tax return without the help of TradeLog,
especially with the new rules and form 8949."
- P. Beauregard
"TradeLog is not only a great software but also has excellent educational support.
I would recommend it to anyone who needs it."
- S. Wang
"Too bad you guys don't give out your names.
Nobody can put you in their wills." :-)
- L. Danyluk