No one likes doing their taxes. It’s a necessary evil that we all have to deal with every year, but it doesn’t have to be a painful process. You can get your taxes done quickly and easily with the right tax software. And, if you’re a trader, you need to make sure you’re using the best tax software for traders so that you can deduct all of your trading expenses. Here are the three best tax software for traders in 2022:
1. TraderFyles
- Website: https://www.traderfyles.com/
- Pricing: Free for 25 credits, $10 for each additional 100 credits
TraderFyles is a new tax software app built by active day traders for day traders. It has a sleek user interface and a lot of power under the hood. And, best of all, it’s entirely cloud-based. So, you can access the software from anywhere on any device. With TraderFyles, you’ll be able to create tax reports, manage wash sales, and create an unlimited number of tax forms without hassle.
2. TradeLog
- Website: http://www.tradelogsoftware.com/
- Pricing: Starts at $109 for 200 trade records
TradeLog is a comprehensive and versatile accounting software solution that supports 40+ brokers. One of its most popular features allows you to import your entire trade history with just one click.
The critical distinction between our #1 and #2 pick is that TraderFyles has the same functionality in a much more updated user interface and is entirely web-based. TradeLog is expensive, and it feels like the user interface hasn’t been updated since its inception in 1999.
It requires you to install the application on your device. In the modern age we live in today, a standalone application makes it very difficult to access from anywhere on any device.
3. Gainskeeper
- Website: http://www.tradelogsoftware.com/
- Pricing: Starts at $69
Wolters Kluwer N.V., the parent company of GainsKeeper, offers various financial services and tax management software solutions.
The most popular tools are processing wash sales, matching taxes, and optimizing profits via multiple strategies that allow investors greater control over their investments.
Doing your taxes doesn’t have to be a painful process. You can get your taxes done quickly and easily with the right tax software. And, if you’re a trader, you need to make sure you’re using the best tax software for traders so that you can deduct all of your trading expenses. TraderFyles, TradeLog, and Gainskeeper are the three best tax software for traders in 2022.