Tax Software for FOREX Traders?

You know how there's tax software for small business owners? It keeps track of every sale in your retail store and then come tax season, you just have to print out the paperwork you need to bring in to your accountant.

Is there any software that a FOREX trader could use that could take the hassle out of keeping records of every trade the investor makes and then come tax time all you have to do is just print out the paperwork you need to bring to your accountant?

Many thanks,
C.L.

Good question and it 'tis the season to start planning for taxes.

Do yourself a huge favor and check out http://www.greencompany.com/
for alot of free info on taxes for traders.

They also have a tool that I have used the allows you to download reports from the major brokers and attach them to your tax filings.

Good luck.

Paul Upp

You could leave forex to the pros and would probably be happier in the long run.

I think the 12MinuteFX system recommends a site (link below)

Hi,

Here's a good article about taxes with some valuable links in it.

"Currency trading is a hot commodity in the market place, but not all currency contracts are taxed like commodities. Cash forex is subject to IRC section 988 rules and if you鈥檙e a trader, you can elect out of IRC 988, to be taxed like commodities 鈥?with beneficial 60/40 treatment. Before you start trading cash forex, find out if you brokerage firm will help you with trade accounting. "

Read the whole text: http://www.aboutcurrency.com/content/vie...

Hope this helps.