GUIDES:

We recommend Green’s 2012 Trader Tax Guide and Green’s in-depth book The Tax Guide for Traders (McGraw-Hill 2004, 308 pages). If you’re preparing your own tax returns or using a tax preparer who isn’t a trader tax expert, then we recommend GreenTraderTax’s annual companion tax return examples guides to learn how to file trader tax returns. There are two 2012 GreenTrader tax return examples guides – one for securities traders and another for commodities, futures and forex traders. GreenTraderTax offers TradeLog customers 20% to 31%-off GreenTraderTax Guides

CLICK HERE TO PURCHASE GUIDES NOW!

ENTITIES:

Now is an excellent time to form a new entity for 2012. An entity helps with trader tax status (business-expense deduction) issues and unlocks the additional tax savings for 2012 AGI-deduction strategies (retirement plans and health insurance premiums). Entities don’t need to file the new IRS form 8949, too. GreenTraderTax offers TradeLog customers 20%-off GreenTraderTax Trader-Entity Formations!

CLICK HERE TO LEARN MORE ABOUT ENTITIES NOW!

TAX PREPARATION:

Very few tax professionals in the country specialize in serving business traders. Green NFH, LLC is the leading firm — read why you should consider Green NFH, LLC this tax season. Savings start at around $8,000 and only go up! Green NFH, LLC fully supports TradeLog and our solutions work great together.

LEARN ABOUT TAX PREP SERVICES NOW!

The market is closed on Monday for Presidents Day. Want to make good use of your free time? Join us for one, or more, TradeLog webinar events listed below. These events are designed to help you use TradeLog for your trader tax reporting. We will have plenty of opportunities for questions and answers. And even some ‘workshop’ opportunities where you can perform tasks on your computer during the session.

Learn about each session below, or go straight to our webinars page online by clicking here…

Introduction to TradeLog 9.0

New for 2012 is TradeLog 9.0! This webinar will provide an introduction to new features of TradeLog 9 and discuss major changes. We will discuss how to install TradeLog 9 and what to expect. We will also cover locating and organizing your TradeLog data files. Finally we will demonstrate using the new features in TradeLog 9.0 and touch on tax reporting changes for 2011. Note, if you have not yet installed TradeLog 9 you can wait until the webinar. We will show you how to download and install, and then allow you time to do so. You will also have opportunity to perform some of the tasks we demonstrate… so we encourage you to login to the webinar from the same computer where you use TradeLog!

Duration: 1 hour (includes Q&A and working time)

This webinar will be held twice:

• Monday, February 20th, 10 AM EST — Click Here to Register
• Monday, February 20th, 4 PM EST — Click Here to Register

Using TradeLog for the First Time

Ready to start using TradeLog for the first time? This webinar is for new users! We will help you to learn the basics of the software as well as the steps for getting started quickly. The session will start with a brief overview of the software and then move step-by-step through the Quick Start Guide — with a demonstration of each step along the way. We will be using TradeLog 9.0 for this webinar.

Duration: 45 minutes plus 15 minutes for Q&A at the end.

• Monday, February 20th, 12:30 PM EST — Click Here to Register

Using TradeLog Again

If you have used TradeLog in years past and you need a refresher on how to use TradeLog again, this webinar is for you! We will discuss important things to do to continue using TradeLog where you last left off. We will review and demonstrate the steps you need to do to for 2011 tax year. We will also review some housekeeping items to help you keep TradeLog and your data files in good order! We will be using TradeLog 9.0 for this webinar.

Duration: 45 minutes plus 15 minutes for Q&A at the end.

• Monday, February 20th, 2:00 PM EST — Click Here to Register

Can’t join us for these events? Check out Archived Webinar Events on our website — Click Here!

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!

The IRS has published some top tax tips to make tax time easier on you. Even though your return is not due until April, you can get an early start now! Here are some of the Internal Revenue Service’s top tips that may be helpful for you:

1. Gather your records: Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.
2. Be on the lookout: W-2s and 1099s will be coming soon; you’ll need these to file your tax return.
3. Have a question? Use the Interactive Tax Assistant available on the IRS website to find answers to your tax questions about credits, deductions, general filing questions and more.
4. Try IRS e-file: IRS e-file is the?safe, easy and most common way to file a tax return.?Last year, 79 percent of taxpayers — 106 million people — used IRS e-file. Many tax preparers are now required to use e-file. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, the IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, if there are no problems, and some may be issued in as few as 10 days.
5. Consider other filing options: There are many options for filing your tax return. You can prepare it yourself or go to a tax preparer. You may be eligible for free face-to-face help at a volunteer site. Give yourself time to weigh all the options and find the one that best suits your needs.
6. Consider direct deposit: If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than a paper check in the mail.
7. Visit the official IRS website often: The IRS website at www.irs.gov is a great place to find everything you need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes.
8. Remember this number: 17. Check out IRS Publication 17, Your Federal Income Tax, on the IRS website. It’s a comprehensive resource for taxpayers, highlighting everything you’ll need to know when filing your return.
9. Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure to double check all the Social Security numbers and math calculations on your return as these are the most common errors. Don’t panic! If you run into a problem, remember the IRS is here to help.

And remember, TradeLog provides the most comprehensive technical support of any trader tax software. Contact us if you need any assistance!

The release of TradeLog 8.6 is expected around the end of January 2012.

What is new in version 8.6?

Here is a sneak peek at what is to come, a full list of release notes will be posted upon release:

Our development team has been working hard at some major overhauls ‘under the hood’ to make TradeLog more efficient and to allow better support of various Windows features. This also gives us a better platform for future developments! Expect TradeLog to perform better with various regional settings and display settings in Windows 7. Many other improvements in this overhaul you may not notice — which is good, because the goal is for TradeLog to be more robust with current operating environments!

You will notice new features that improve your user experience of TradeLog: a new Welcome screen which helps you open and use TradeLog more quickly. Improved Quick Start panel to guide you through key steps in TradeLog, as well as other expanded support features built into the program. Some new functions will also help you better complete important steps in TradeLog such as entering baseline positions.

And of course as we mentioned updates to IRS forms will be included in this major update. For tax years 2011 and beyond, Form 8949 will be available in the software. For tax years prior to 2011 you can still generate Schedule D-1. There are some less noticeable adjustment from the IRS in how some situations are calculated and reported, these also will be included.

Why is the update not available yet?

We have been working on updates for several months but have been awaiting final guidance from the IRS on new forms — which did not come until the end of 2011! In fact, Publication 550 (the main publication directing how capital gains/losses are reported) was not published until January 7, 2012! Now that we have the official guidance we can safely finalize TradeLog updates and test thoroughly before releasing.

You should not file your 2011 taxes until you have received your broker’s Form 1099b — this is more important this year as some information on the 1099b will determine how you report form 8949. Brokers have until February 15th to release their 1099b reporting. We will have TradeLog ready for filing by that time also!

What can I do right now with TradeLog?

We strongly recommend that users keep their TradeLog software subscription active and up-to-date. You should go ahead and download your 2011 data (as well as January 2012 unless you are MTM), this way your data is current and you will be able to file once the update is released. Also, you can verify open positions as of the end of 2011 — step 4 of the Quick Start Guide. Adjustments for corporate actions, and option exercise and expiration actions can be made as well.

Remember: current subscribers of TradeLog receive all updates for free with their active subscription! So make sure your subscription is active and watch your inbox later in January for notice of this release!

Updating your TradeLog software is very important. Here are some reasons why, as well as tricks for keeping your software up-to-date easily:

TradeLog updates may include:

Not all updates are critical, sometimes an update is made to fix an isolated problem. However, when critical updates are made your software should notify you of the need to update your software. Of course if you haven’t used the software in many months it would be a good idea to go ahead and update before using again!

Updating tricks:

Note — You must have an active TradeLog subscription to update your software.

Trick #1 — From the software Status Bar

Most users will receive notification of an available update when they open their TradeLog software. The Status Bar at the bottom of the TradeLog window will inform you if there is an update available. Simply click on that status bar to proceed with updating your software!

Trick #2 — From the Help Menu

You can update TradeLog anytime by going to the Help menu, and choosing the Update option. TradeLog will then download the most recent update and install on your computer. If you have not used TradeLog in a few months or more, it would be a good idea to go ahead and run the update this way!

Update Trick #3 — From the Web

You can also update your software anytime using the TradeLog website. Go to www.tradelogsoftware.com then under the Support menu choose Download latest update to go directly to the update page. You will need to put in your contact information and active reg code on the form, then you will be able to access the setup file for the update. This process is more tedious, but if you happen to need to reinstall your software you can go here anytime to do so!

Need help updating? Contact our support department anytime you need assistance updating TradeLog or any other technical issue!

We have put together a list of important dates that affect many active traders and investors for tax reporting. Most traders have a little extra time for filing this year, so check out what deadlines affect you!

“You may delay, but time will not.”—Benjamin Franklin

January 31, 2012

February 15, 2012

March 15, 2012

April 17, 2012

June 15, 2012

September 17, 2012

October 15, 2012

November 2012

December 31, 2012

First thing every TradeLog user needs to know is what a negative shares error is. When your data file has more shares or contracts closed than you have open for a particular position, this causes a negative shares error. Obviously, it is not possible to close more of a position than you have open, thus TradeLog recognizes something is wrong and must be fixed. DON’T JUST IGNORE A NEGATIVE SHARES ERROR!

There are various factors that can cause a Negative Shares Error. The Negative Shares Error Checklist guides you through a series of checks to identify what may be causing your error — and then provides the information on fixing the problem!

To quickly find the checklist in TradeLog do this: click F1 on your keyboard (or go to Help > User Guide). The TradeLog User Guide window will pop open. On the left side click on Search and type “negative shares checklist”. The checklist topic will come up in the results as you can see in the image to the right. You can follow the checklist on your screen, or some users like to print this out as a worksheet (click on the Print button for that). The checklist lists the most probable causes in order and you will notice links to other sections of the user guide for resolving the problem once identified.

Remember, if you get stuck don’t get frustrated! Call our support team, or send us an online support request. We can provide you the guidance you need to get back on-track quickly.

Follow the TradeLog Blog. On blog.tradelogsoftware.com we post updates relevant to using TradeLog and current tax issues affecting traders. We receive releases from the IRS and filter through to find news relevant to you, which we post up. We also have resource pages on hot topics like the New Cost Basis Legislation and New Forms for Reporting 2011 Taxes. Subscribe to the RSS feed to always be on-top of the latest blog postings and stay educated on trader taxes!

TradeLog Webinars. We feature live and recorded educational webinars on topics ranging from using TradeLog to important tax news and information. In the coming months we will have special expert sessions where you can learn about tax strategies and more from trader tax experts — and it’s free! Register for upcoming sessions now.

Tax Topics. If you have not yet done so, we highly recommend reading our entire Tax Topic education series located on tradelogsoftware.com. These articles provide ‘plain English’ education on trader taxes.

At TradeLog we are dedicated to educating traders and providing the best trader tax software with the most comprehensive support. By taking advantage of the education we provide you can become a better trader and make tax time less frustrating.

Check out two upcoming webinars hosted by TradeLog Software. These live programs are designed to give you information you need for using TradeLog to the full as well as understanding important trader tax issues.

Top Ten Best Practices for TradeLog Users

This session is designed for all TradeLog users, whether new, more experienced, or an old pro. Our support team leader, Caleb Huxster, will present ten best practices for making the most of TradeLog and making tax time simpler. We’re sure there will be at least one or two tips to help you out! The session will be recorded and archived, however, if you catch it live you will have a chance to present your questions to the support team! Click here to go directly to the registration page and view the day and time.

Wash Sales and the Active Trader: Using TradeLog Reports to Understand Wash Sales

Most of the year you really don’t have to give much thought to wash sales. However, come November and December it is important to be aware of wash sales that could have a negative impact on your taxable gains/losses at year end. If you are not aware then you may find out after you have any opportunity to avoid the negative consequences. The good news is that TradeLog’s reporting can help you better understand wash sales in your account and possibly avoid the negative effects, and maybe even use them to your advantage! Check out this session which will be presented by me, your TradeLog Blogger. The session will also be recorded and archived in case you miss it. Click here to go directly to the registration page and view the day and time.

Stay tuned for more exciting new webinars to come soon!