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 many traders is the fact that...
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 Deluxe® import the same brokerage provided 1099-B 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.
TurboTax® is a trademark of Intuit, Inc.; H&R Block® is a trademark of H&R Block, Inc.
Let TradeLog help you file an accurate tax return. TradeLog's proven method for generating accurate capital gains and losses has been used by active traders and tax experts for over 14 years.