Published: January 16, 2018
Tagged: Wash Sales, 1099-B, 2017 Taxes
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.
Trader Tax Needs
Taxes are always a bit more challenging for active traders and investors. Here's what you need to prepare your trader tax reporting:
- Active TradeLog Software subscription - with the software installed and kept up-to-date, just run TradeLog on your PC and follow any prompts to renew or update
- Your broker trade history for all of 2017 and January of 2018 - TradeLog uses the trade history for calculating taxable gains/losses along with all required wash sale adjustments (based on taxpayer rules)
- December 2017 Brokerage Statement for each account - you'll use this to verify your trade history in TradeLog
- Broker 1099-B statement for each taxable account - this will also be used for reconciliation with TradeLog
Click here to learn more about why active traders use TradeLog Software.
Important Dates:
| 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) |
2017 Tax Year Filing Deadlines:
| 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 |
Extension Return Due Dates:
| 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) |
Refund Timing:
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.
Need help?
The TradeLog Support Team is ready to help. 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 today to schedule your needs before they get booked up.
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.
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