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Archive for the ‘Taxes’ Category
For over 10 years GreenTraderTax and TradeLog have partnered together to provide the best resources for active traders at tax time. GreenTraderTax has aided in developing trader tax concepts in TradeLog and provided expert guidance on IRS issues. GreenTraderTax is the leading tax preparation firm for traders and they only recommend TradeLog to their clients, as no other solution can compare. Here are some special offers available to TradeLog users for 2012. Take advantage of the expert guidance GreenTraderTax can provide!
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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
By: Jason Derbyshire, TradeLog Blogger
Did you know that the Schedule D will look a lot different for 2011? In fact, traders and investors reporting capital gains and losses will have a NEW Form 8949 that must be filed along with the new Schedule D — some individuals may have as many as three different forms, depending on their trade history and broker reports. We have created a new resource page regarding New Forms for Reporting 2011 Taxes which will help you be informed of the new changes with the Schedule D and how they will affect you.
From our Partners at TaxACT®
Traders and Investors: Your daily expenses and activities may be earning you valuable tax breaks. From child care and retirement savings to medical expenses and hobbies, you have many opportunities to save thousands on your federal taxes. Our partners at TaxACT® provide nine valuable tax savings tips we’ve summarized for you below!
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Four Things Every Trader Needs to Know About Taxes — Part 2: Popular Tax Software is Not for Traders
19Jul
Author: TradeLog Blogger 0 comments
By: Jason Derbyshire, TradeLog Blogger
This second part of our four part series explores popular tax software and some warnings for traders and investors. Many people are shocked when they find out that some of the most popular tax preparation software is unable to accurately generate their Schedule D! Programs like TurboTax® and H&R Block At Home® are designed for the ‘average’ American tax payer. Active traders and investors must comply with some of the most complex tax rules for filing Schedule D – and such made-for-the-masses software simply was not designed for such purposes.
By Melina Triplett, TradeLog Support Agent
With so much talk about the economy, debt ceiling, taxes and spending, it is important that traders understand the capital gains tax rules that affect them. In this article I’ll review the current tax cuts that traders and investors benefit from, as well as the future standing of capital gains taxes beyond 2011.
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By Joey Dixon, TradeLog Support Agent
Most CPAs and trading accountants dread tax time! They don’t have the same perks as the average Joe who can file a W-2 in 20 minutes by using a popular tax software package! Instead, trading accountants have to undergo the grueling process of piecing together every trade for the tax year being filed. This is why the pricing of professional accounting services has dramatically increased over time. Of course, this does not mean that you should assume that filing your own taxes is the answer. There are clear advantages to choosing a good professional trading accountant as discussed in the previous article. However, as a user of TradeLog trade accounting software, you can compromise by assisting your CPA in filing your taxes, which can save you time and money!
By Melina Triplett, TradeLog Support Agent
Have you ever caught yourself thinking, “As long as I enter my short term and long term sales and profit and losses on my form Schedule D, the IRS should be satisfied?” and “Hey, if they want proof of my trading, they can ask for it!” The truth is that the Internal Revenue Service has already asked for proof and they may not ask you for it again. Instead, you could run a good chance of having an audit and some juicy penalties coming.