These Tools Can Simplify Your Tax Reporting

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Tax Time

Disclosure: This post is for educational purposes and should not be considered tax, legal or investment planning advice.

Tax season is here, but traders have no fear! No longer must you rely solely on a pen and calculator to crunch your trading profits. Each year brings more online resources to help with tax reporting.

There are many strategies traders and investors can use to simplify their taxes. Three popular methods are TurboTax®, gain/loss tax management programs, and tools to download trading activity. Let’s consider how each of these works.

Tax Software

First, TurboTax® and TurboTax® online are software programs that can save traders time during tax season. You can use them to download and import dividend, interest and buy/sell information. This video will walk you through an example of the quick and easy steps.

A second resource for traders at tax time is a gain/loss tax management tool. These services monitor and optimize tax positions. They can help visualize and manage realized and unrealized gains/losses throughout the year. They may also include reports to assist you in filing your tax return. This short video shows an example.

Want to access your tax activity on your own computer? A third way that traders can simplify their taxes is by downloading trading activity to their own device. You may be able to save your data in formats compatible with financial software packages. This video shows one way to do it. 

Still have questions? The Tax Cuts and Jobs Act of 2017 came with big changes. TradeStation brought in a panel of experts to help traders understand the new and revised 2018 tax forms.

Now that you know some of the tools that are available to traders, you may be a step ahead when you file your return. Tax season’s greetings!

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Jessica Kreger is Senior Manager of Client Training and Education at TradeStation. During her 20-year career, she has educated thousands of customers through positions at Dell, the University of Miami, Carnegie Mellon University, and Alcoa. Tapping into her passion for providing education that empowers active traders around the world, she has presented at several national technical communication conferences. Jessica earned an M.A. in Professional Writing from Carnegie Mellon and a B.A. in English from Penn State, and keeps her finger on the pulse of today’s trends as a Senior Member of the Society for Technical Communication and Certified Professional Technical Communicator.