TradeLog 15 Minute Challenge - Schedule D Preparation Will Never Be the Same

...Can I really prepare my schedule d tax form in 15 minutes or less?

We are quite proud of the fact that many of our users were able to prepare their trader taxes, some with thousands of trades, in under 15 minutes! They were amazed at how fast and efficient TradeLog calculated their profit or loss for the year, and how everything tied out perfectly to their broker provided 1099.

Our many testimonials testify to the fact that this can be done in such a short amount of time. As a matter of fact we demonstrate this in the video tour link on our home page, all of which takes less than 5 minutes. (Seeing is believing!)

Users who take the time to learn the program and who ask for help immediately when they encounter a problem usually finish in the least amount of time.

There are some exceptions to the rule

Some exceptions that may cause you to take more than 15 minutes are as follows:

• Carrying hundreds of positions open from the previous tax year. If this is the first year that you use TradeLog, there is no automated way to get your open positions entered, and most brokers do not make this easy - see our Baseline Positions tax topic for details. However, next year TradeLog will account for all of your open positions and it will go much faster.
• Transfers of positions from other brokerage accounts. The cost basis of these positions must be gathered and manually entered into TradeLog and it is not always easy to find this information.
• Errors in online trade history reports. Sometimes brokerage trade history reports get messed up and errors creep in. Luckily TradeLog has many powerful features that help you discover and repair these errors.

So, exactly what is our 15 Minute Challenge?

First of all, we would like to clarify that our 15 minute challenge is not a guarantee.  The whole point of this challenge is for new users to recognize that if, after 15 minutes of using the software they encounter any major issues, they should call or email our support team (or better yet , do both). If it is after our normal support hours or on the weekend, then please wait to call us then. In our opinion, staying up late and spending many hours struggling with a problem will only leave you distraught and in the end, an unhappy camper.

You might also do yourself a favor and get started with TradeLog well in advance of your tax deadline. Trying to learn a new tax program on April 15 has caused many a trader to come close to a nervous breakdown! It just adds to the stress and in turn bogs down our support staff.

The TradeLog Quick Start guide – 8 steps to success

The most common reason why some struggle past the 15 minute mark is that they do not follow closely the eight steps as outlined in our Quick Start guide. They often skip important steps such as: manually entering their open positions before importing their current tax year trade data from their broker (step 2), or verifying their open positions after importing from their broker (step 4).

Some completely ignore the entire eight step process reasoning that they should be able to use our software without having to read any sort of manual or users guide instructions! I guess that is true of many of us who take great pride in never having to read a manual!

However, many others have learned the hard way (and my wife keeps reminding me of this fact) that the key to getting things done in the minimum amount of time is to read the instructions! This is true of just about any software that you purchase, and if you think about it, is especially true for software that handles the complex process of filing your taxes from trading.

Did we forget to mention that the IRS Schedule D is by far the most complex form of any of the tax forms you will have to file? We didn’t make it this way, the IRS did. And your online brokerage doesn’t make it any easier. In many cases they further add to the complexity with their inadequate and inconsistent reporting - Which is why you bought our TradeLog software in the first place.

The TradeLog Tutorial – visually see each of these steps performed

If you cannot visualize any of the eight steps outlined in the Quick Start guide, then you can, at your leisure, see each step demonstrated with our online Tutorial lessons. These lessons can be played, paused, and rewound just like a VCR so you don’t have to miss a thing. They can also be viewed alongside TradeLog as you perform the steps yourself.

The TradeLog User Guide

In addition to the Quick Start guide and online Tutorial lessons, we have an extensive User Guide which outlines every feature and function within the TradeLog program. A Search box is available at the top of every page on our web site, so you can quickly find what you are looking for.

Our Goal

It is our goal to have every one of our users prepare their taxes in the minimum amount of time. All we ask is that you test us out in this regard. Do not get frustrated if you do not get the hang of the software immediately. Give us a call or drop us an email. Then let our support staff step you through what needs to be done for your particular circumstance. We are confident that in most cases you will be pleasantly surprised.