When TradeLog users fail to follow year end instructions carefully, the result is often problems of some sort. From importing the needed data, to reconciling and ending the tax year - doing these steps correctly can make a difference in the accuracy of reports and more! Here are a few tips when it comes to using TradeLog at the end of the year...
There are three core areas involved with year end instructions for TradeLog users:
Importing Necessary Data: Some users fail to import all of the data TradeLog needs for calculating accurate gains and losses. The results may cause unnecessary work to correct and if not noticed in time, it could require you to file an amended tax return! Keep these points in mind:
Verify and Reconcile: There is nothing worse than finding out you filed your taxes for a past year incorrectly. Sadly this happens to some users, but shouldn't have to! TradeLog's verification and reconciliation processes were designed to help identify any possible problems with your TradeLog data. So before you run your tax reporting make sure you did these two steps:
Run End Tax Year correctly: The End Tax Year function is a very important step in using TradeLog. The function is designed to transfer positions held open at year end, along with any deferred losses to the next year's data file. For MTM users, the End Tax Year function is even more critical to properly create the mark-to-market positions at year end. Learn more in Step 6 of our Quick Start Guide.
By following the year end instructions for using TradeLog tax time will be much easier. If you have questions or problems, contact the TradeLog support department for help!
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.