Extended Support Hours through Tuesday, April 18th

Published: April 15, 2017
Tagged: TradeLog, TradeLog News, Trader Taxes, active trader, 2016 taxes, IRS tax forms, tax software, filing extension, Form 6781, Form 8949, Form 4868, Service Provider, trade accounting, trade reconciliation, gains and losses

A popular tax software launched a marketing campaign last year with the tag line, "It doesn't take a genius to do your taxes." They obviously weren't referring to having to prepare a trader tax return.

Trader taxes were never an easy task, and changes to IRS regulations governing investors and active traders over the last few years have made the job even more complicated. New securities are introduced to the market frequently and the IRS hasn't been keeping up... laws regarding how these securities should be treated for tax purposes are often vague and open to interpretation.

 

To try and remove some of the uncertainty and self-doubt most active traders feel when trying to calculate their gains and losses and file their trader taxes, we have been working diligently to make sure your TradeLog experience is as intuitive and user-friendly as possible while still maintaining our strict compliance with IRS rules governing trader taxation.

You asked and we listened.

Our normal support hours are Monday through Friday, 9:00 am to 5:00 pm EST.

As a courtesy to our valuable customers, we are offering extended support from Saturday, April 15th through to the tax filing deadline on Tuesday, April 18th.

Below we offer some guidelines to help ensure that you receive a timely response to your Support Request as we count down the days to the filing deadline:

• Email support requests will get a much quicker response .
  Requests will be handled in the order they are received by our Support Team. You are welcome to call our Support Line at 1.800.372.6078 but please expect to have to wait for a return call. Voice mails will not be given priority over email support requests.


• We can respond more quickly when you send us your TaxFile.
  The large majority of support requests that our Support Team receives require us to analyze the actual TradeLog TaxFile that the user is working in. Users who have followed this guideline and sent their files have often given positive feedback for the timely and professional customer service they have received from our Support Team.

To speed up the response time, please send us your TradeLog TaxFile using one of the following methods:

• Within your TradeLog software:
  Click the "Get Support" icon at the top right corner of the TradeLog window and follow the prompts.


• On our web site:
  Visit  http://www.tradelogsoftware.com/support/support-request and upload your TaxFile and other supporting documentation such as broker Form 1099-B, etc. that you think would be helpful in resolving the issue.

Please bear in mind that the current volume of requests is very high so we cannot guarantee a specific response time but we will make every effort to answer your request as soon as possible.

Don't think you'll make the deadline?

Getting a six-month extension to file is easy to do and gives you some clear advantages if you're feeling the time crunch. But there are some downsides to getting an extension; let's look at some of the pros and cons.

Pros of Getting an Extension  

1. It's easy and free. All you have to do to get six extra months to file your taxes is to file IRS Form 4868.  You'll automatically get until October 15th to get your returns filed. There's no fee for the extension.
2. You'll avoid a late-filing penalty. Ordinarily, if you don't file your return by April 15th, you'll pay a penalty of 5 percent of the tax you owe for every month that you're late, with a maximum total penalty of 25 percent. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file for an extension, however, you don't get charged a late filing penalty as long as you file by October.
3. Your accountant will have more time for you. April is always a challenge to meet with your CPA or tax advisor face-to-face as they are under the gun to file all of their clients' returns by the deadline. By filing an extension, you will most likely have an easier time booking an audience with your accountant in May.
4. Extensions aren't automatic audit red-flags.   Most of the time, an extension reduces your audit risk because you're less likely to make errors that panicking last-minute filers typically make.

The Cons of Getting an Extension

1. Your refund will have to wait. If the IRS owes you a refund, you can't claim it until you file your tax return. So even though extending gives you more time to file, it also extends the wait time for your refund check.
2. You'll still pay late-payment penalties and interest if you don't pay your tax bill now. Even if you get an extension, you still have to pay the tax you owe by April 15th. If you don't, you'll have to pay interest on the unpaid amount plus an extra 0.5 percent in penalties for every month that you're late. Those penalties are far less than the late-filing penalty, but they're big enough that it still makes sense to come up with a reasonable estimate of how much tax you'll owe and pay it when you file your extension.
3. Preparing your return won't be any easier in October. The temptation after you file for an extension is to procrastinate and wait until the October deadline starts approaching to start working on your taxes. 

Of course, you'll want to consult with your accountant or tax advisor regarding whether or not filing for the extension suits your particular circumstances.

Another advantage of filing an extension is that you can avail yourself of the services of our Approved TradeLog Service Providers. These qualified Providers can handle your trade accounting using TradeLog software from start to finish for any tax year your broker(s) can supply your trade history reporting, or, if you are having difficulty, simply pick up where you left off and send you the completed TradeLog tax forms.

We are excited to report that we will be expanding the list of Approved Service Providers available to our customers within the next month or so.

Please stay posted for the announcement!