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TradeLog Tip: Filing Taxes With Popular Tax Software


Many TradeLog users would like to file their taxes with popular programs like TaxACT® or TurboTax®. Of course you likely know that those programs, on their own, often cannot handle Form 8949 reporting for active traders. That is why you use TradeLog! But how do you e-file with TaxACT® or TurboTax® and use your TradeLog generated Form 8949?

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Tags: TradeLog Tips, Trader Taxes

Wash Sale Adjustments on Short Sales: Major Brokers are Getting it Wrong


Some major brokers have taken a troubling position in the way they report wash sales on the 1099-B for short sales. This caused big problems when taxpayers tried to reconcile and understand their 2011 1099-B reports. But it appears some brokers continue to use this baffling and incorrect method, which will cause more tax reporting problems for 2012 tax year.

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Tags: Wash Sales, Trader Taxes, 1099-B

ETF Options and the TradeLog Benefit


Exchange traded funds (ETFs) are becoming more and more popular. Did you know that ETF options can have special tax handling? Some of these options qualify as section 1256 contracts. Under Section 1256 the gains and losses are treated as 60% long-term and 40% short-term capital gains/losses, regardless of the holding period. What qualifies an ETF option as Section 1256 depends on it's structure and whether the option is listed or over-the-counter.

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Tags: Trader Taxes, Options, Section 1256

What Every Trader Needs to Know About Taxes


There are many misconceptions that exist about tax reporting for traders and investors. Here are the top two myths, and the facts you need to know…

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Tags: Trader Taxes, 1099-B, Wash Sales, Form 8949

Enhanced Section 1256 Contract Support in TradeLog


Do you trade futures or index options? If so, then you need to know about newly enhanced support for these instruments in TradeLog software. With the release of TradeLog version 9.3 traders and investors can not only identify section 1256 contracts but also generate accurate tax reporting at year-end.

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Tags: Section 1256, Trader Taxes

Looking Ahead: Filing 2012 Taxes for Traders and Investors


As a new year approaches you may be wondering what’s in store for 2012 tax filing. Here is some early information to help you plan and prepare.

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Tags: Trader Taxes

Importing Trade History from Online Brokers is the Key to Accurate Tax Reporting


An article in last week’s Investopedia.com explained some of the broad differences in brokerage houses. One aspect many investors and traders give no thought to when choosing a broker is the necessary tax reporting. The 2011 tax year revealed disturbing problems as some brokers simply could not provide accurate 1099-B reports for many clients!

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Tags: Trader Taxes

IRA Wash Sales Can Have Severe Consequences


Yes! You read that correctly: Wash sales in an IRA can have severe consequences! This often-overlooked part of the IRS wash sale rules must not be ignored by active traders and investors.

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Tags: Trader Taxes, Wash Sales

It's the Season: for Watching Wash Sales


Wash sales can happen all year long, but wash sales that occur in December and January are the ones to watch. Why? Because wash sales that happen in December and January can potentially increase your taxable capital gains for the year! In this post we’ll review what a wash sale is and their potential negative effect. Plus, we'll illustrate how to use TradeLog to monitor wash sale effects on your trades.

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Tags: Trader Taxes, Wash Sales

IRS News: Tax Time Tips


The IRS has published some top tax tips to make tax time easier on you. Even though your return is not due until April, you can get an early start now! Here are some of the Internal Revenue Service’s top tips that may be helpful for you:

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Tags: Trader Taxes