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.
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:
To speed up the response time, please send us your TradeLog TaxFile using one of the following methods:
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.
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
The Cons of Getting an Extension
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!
Please note: This information is provided only as a general guide and is not to be taken as official IRS instructions. Cogenta Computing, Inc. does not make investment recommendations nor provide financial, tax or legal advice. You are solely responsible for your investment and tax reporting decisions. Please consult your tax advisor or accountant to discuss your specific situation.