It’s tax time again.
Here’s what you’ll need to prepare accurate trader tax reporting for 2018, and then get it filed on time in 2019!
Taxes are always a bit more challenging for active traders and investors. To do it right you need:
|January 28, 2019||IRS begins accepting and processing 2018 returns|
|February 15, 2019||Brokers to furnish 1099-B statements (unless they receive an extension from the IRS)|
|March 15, 2019||Partnerships (Form 1065) and S Corps. (Form 1120S): File 2018 returns, or for an extension||April 15, 2019||Individuals (Form 1040), Estates & Trusts (Form 1041), and Corporations (Form 1120): File 2018 returns, or for an extension|
|September 15, 2019||Partnerships (Form 1065) and S Corps. (Form 1120S)|
|September 30, 2019||Estates & Trusts (Form 1041)|
|October 15, 2019||Individuals (Form 1040) and Corporations (Form 1120)|
The IRS expects to issue 90% of refunds in less than 21 days. However, there are certain situations that may require you to wait longer for your refund. Learn more at irs.gov.
The TradeLog Support Team is ready to help you use TradeLog for your trader taxes. Check out our Support Center to review our guides and documentation, or to request support.
If you need professional help, such as a TradeLog Service Provider, contact them now, not later, to schedule your needs - before they get booked up.
TIP: Many active traders elect to file an extension for more time. Why might this be wise? Trader taxes are some of the most complex reports. Brokers sometimes make 1099-B amendments. And if more comprehensive TradeLog support is needed it's easier to get after the April tax deadline. Some CPAs and tax professionals even give a discount if you file an extension! Of course, you'll need to estimate your taxes for your extension filing. You can use TradeLog for estimating by running draft reporting. Talk with your tax professional about your situation and options for filing an extension.
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.