Tax Day is coming, are you ready?
This year most of us get a few extra days of time to prepare tax filing, thanks to a weekend and a holiday. But don't wait till the last minute! Take note of the key dates below that affect you, and make a plan now so tax time is a little easier.
Taxes are always a bit more challenging for active traders and investors. Here's what you need to prepare your trader tax reporting:
|January 29, 2018||IRS begins accepting and processing 2017 returns|
|February 15, 2018||Brokers to furnish 1099-B statements (unless they receive an extension from the IRS)|
|March 15, 2018||Partnerships (Form 1065) and S Corps. (Form 1120S): File 2017 returns, or for an extension|
|April 17, 2018||Individuals (Form 1040), Estates & Trusts (Form 1041), and Corporations (Form 1120): File 2017 returns, or for an extension|
|September 15, 2018||Partnerships (Form 1065) and S Corps. (Form 1120S)|
|October 1, 2018||Estates & Trusts (Form 1041)|
|October 15, 2018||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.
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TIP: Some active traders elect to file an extension for more time. This allows more time if brokers make 1099-B amendments. And if they need TradeLog support the response time is faster after the April tax deadline. Of course, you'll need to estimate your taxes with your extension filing, you can use TradeLog to get an estimate 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.