TRADERS
SOFTWARE: GTT TRADELOG
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Click here to visit the GTT TradeLog Web site. Take the "Quick Tour" of the program and download a free trial copy. You will see how easy it is to use. You can then buy the full version of the program from GTT TradeLog and download it immediately. GTT TradeLog completely automates your stock, options and futures trades, and tax accounting. It currently also handles forex for Interactive Brokers only. Save days of work and professional fees by using the program to import all your trades (prior and current years). The program generates IRS-compliant Schedule D (cash method with wash sale reporting), Form 4797 (mark-to-market method with Section 481 reporting), and Form 6781 (futures) tax reports, which you can attach to your tax return. |
GTT TradeLog is easy to use and it also comes with free
product support from Armen Computing and a toll free number.
If you prefer more help, GreenTraderTax can set-up the program for you
and also do your annual trader tax accounting.
It all ties in nicely with GreenTraderTax's tax
preparation services. Simple email us your GTT TradeLog data file
at year-end and tax preparation is a snap.
Click the below media logos to read all our excellent reviews. Most leading
brokerage firms also highly recommend GTT TradeLog and they work closely
with us to smooth the download process.
Barron's has positively reviewed and recommended GreenTrader's
tax guides, GTT TradeLog software and tax services for frequent
traders every year since 1999.
February 12, 2007, Barron's, Electronic Investor, Tax Software for Serious
Investors, By Theresa W. Carey.
"FREQUENT TRADERS WHO DO THEIR OWN taxes are either control freaks (my category) or very comfortable with the ins and outs of tax accounting. Crazy is another possibility. In any case, do-it-yourselfers of all types need tax software -- either packaged or online.
Any tax program should be able to deal with income and deductions, but the serious investor needs to compile an accurate Schedule D, covering all transactions. There's no shortage of software alternatives. Sorting through them -- particularly the jumble you see in stores -- is the problem.........................
........One solution for traders with reams of taxable transactions is TradeLog (http://www.armencomp.com/tradelog/), published by Armen Computing. We like TradeLog for active stock and options traders. It does a much better job of tracking options transactions than Quicken or Money, and it's a good tool for short-sellers. TradeLog can also help you track futures transactions, which aren't specifically addressed in other programs.
TradeLog offers five versions, keyed to transaction volume. TradeLog
200, which covers up to 200 trades, is $69. The top-of-the-line GTT TradeLog,
which handles unlimited transactions and is aimed at those needing mark-to-market
accounting, is $349. GTT TradeLog is also supported by Green Trader Tax
(www.greentradertax.com), which provides
tax advice for frequent traders."
This year, more than ever, is a good time to switch to GTT TradeLog.
The IRS is forcing taxpayers to list each securities trade on their tax
returns. Learn more about this in Robert Green's April 2006 article for
Active
Trader and/or on our blog.
Many of our tax preparation clients use GTT TradeLog.
Our CPAs are happiest when our tax preparation clients use GTT TradeLog,
because we are most confident in the tax accounting results. We have experienced
problems with wash sales on a competing program. Broker reporting usually
leaves information out, and client-generated worksheets are often quirky
with errors. We reconcile GTT TradeLog to 1099s, and it's robust and time-tested
over seven years of usage with brokerage firms.
We don't insist that our tax preparation clients use GTT TradeLog; they
can use any other solution they prefer. We do our very best to utilize
those results in our preparation work. Choose whatever you like best!
GTT TradeLog has a number of advantages over competing products.
Wash sales are very important. Both traders and investors need GTT TradeLog
to report wash
sales, and few other programs or solutions can be counted on for handling
wash sales correctly.
GreenTrader's accounting formulas and worksheets are good as a last resort,
but they do not provide for wash sales. The one leading competing program
to GTT TradeLog has some known problems with wash sales. Don't overpay
your taxes from making errors on wash-sales reporting.
The typical trader has many wash sales; these are losses which must be
deferred until the next tax year. Wash sales are a difficult chore with
only a few trades; with the thousands of trades an active trader makes,
it can be next to impossible.
GTT TradeLog can make the entire process much easier by automating wash-sale
reporting and helping active traders create tax reports.
More than 35 brokers are supported by GTT TradeLog,
and data can be downloaded directly into the program. This removes the
need for traders to enter data by hand; this would be too time-consuming
to do by hand, and too expensive to pay an accountant to do. Plus, manual
entries can lead to errors.
GTT Trade Log takes the data and matches buys and sells, calculating profit/loss.
The program uses the IRS's "first in, first out" rule to match
trades, but that can be switched if necessary.
GTT TradeLog handles all wash-sale identification and adjustments.
GTT TradeLog also handles short sales and stock options. Other consumer
programs have trouble here.
After all the data is entered, GTT TradeLog prints out a report that can
be attached to Schedule D, a PDF file that can be e-mailed to an accountant,
and/or a spreadsheet with all the pertinent information. The GTT TradeLog
reports are compliant with IRS rules for trade-by-trade attachments.
Even if you don't qualify as a business trader under IRS law, you can
still benefit from GTT TradeLog. Any investor who has more than a few
buys and cells will benefit from the automation GTT TradeLog provides.
Besides making your tax preparation easier, GTT TradeLog can also help
your trading by providing you with information about past trading history
and current positions.
There are different versions and price points for GTT TradeLog designed
for traders of different activity level. GTT TradeLog is the unlimited,
top-of-the-line version for business traders that use mark-to-market accounting.
Bottom Line.
For more than eight years, GreenTraderTax (GTT) has put our name on GTT
TradeLog because we work hard to make it the best tax product on the market.
We strongly believe that it's the best solution in the marketplace for
hyperactive traders. Top brokers recommend their hyperactive traders use
GTT TradeLog; the media thinks its best and thousands of happy customers
do, too. Most importantly for GreenTraderTax, when we prepare trader tax
returns, we are most confident in the trade accounting when it's done
by GTT TradeLog.
If you have questions about trade accounting, e-mail us at info@greencompany.com or call us.