Are you glad to be done with 2013 tax reporting? Most of us are! But is there anything different you can be doing today, to make sure next year’s tax season is less stressful and more manageable?
If you didn’t use an experienced securities accounting service (like Securities Services) or track the data yourself using a superior securities accounting software (like Trader ii), the recent tax season was probably a very painful time of year for you! And, while spring 2015 seems far away today, before we know it 2014 tax reporting will be just around the corner.
If you are managing an investment portfolio, your own or someone else’s, and you aren’t religiously keeping track of your investment activity daily or weekly, other than in your head or in a shoe box, don’t put it off any longer.
Thinking ahead to 2015 (or 2014 tax preparation)!
Though the pain of the 2013 tax season is still fresh in everyone’s mind, it isn’t too soon to start thinking about easing some of the pain for the 2014 tax season. Now is the perfect time to think about how to better manage your securities accounting. Getting your securities accounting organized will provide you with accurate tools for tax planning. Know where you stand before it’s too late! We have two solutions for you!
1. Let us do the work for you (or your clients)
Securities Services has been providing clients with detailed reports on their investments for tax purposes and filing insider reports for insiders of public companies for well over 20 years. Here’s how it works:
We track your investment details using Trader ii software, including:
- Moving average costs.
- Itemized dividends.
- Showing opening dollar balance and all transactions to date with running balances (by broker).
- Showing opening balance with moving average costs, plus trading activity with running average costs (by share).
- Showing all security positions in each brokerage account, or current positions of a particular security (location of shares).
- Converting foreign currency amounts to taxable currency for tax purposes, using Trader ii’s currency converter.
You also have online view access to the reports generated by Trader ii (see the image on the right), so you can know where you are at with the click of a mouse.
2. Do the work yourself (or for your clients)
Trader ii software has been designed with accountants and brokers in mind, for use by them and individual investors.
Trader ii software isn’t complicated and we provide training that will walk you through the process of setting up your account. Once you’re set up, it’s really as easy as entering the data. The software does the rest!
How does the software work?
Each type of account or portfolio (cash accounts, retirement accounts, tax-free saving accounts or foreign currency accounts) needs to be set up separately. This is done to accommodate different tax treatments in each type of portfolio.
To arrange for a free online demo, click here or on the image below. We’ll be in touch soon to set up your free, no obligation online demo.