Accounting Software for "Day Trader"?

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Subject Author Date Accounting Software for "Day Trader"? boblink 08-11-2009  Re: Accounting Software for "Day Trader"? Arthur Kamlet 08-11-2009  Re: Accounting Software for "Day Trader"? Gene E. Utterback, EA, RF... 08-12-2009  Re: Accounting Software for "Day Trader"? \"Jack\"-:) 08-13-2009  Re: Accounting Software for "Day Trader"? removeps-groups@yahoo.com 08-26-2009  Re: Accounting Software for "Day Trader"? Antoine Boudreaux 08-12-2009
Posted by boblink on August 11, 2009, 9:39 pm Please log in for more thread options Hi, I am not a Day Trader but setup a Limited Partnership and S-Corporation whose primary "business" is Buying and Selling stocks, mutual funds, bonds,..... I use Quicken which is excellent to keep track of purchases and sales but I also would like to create a GL, I&E statements, Balance sheets,.. which Quicken can not do and would appreciate if someone can please advise me if their is an (off the shelf) software program that he can be used for "accounting functions" for someone who does not have accounts receivable or payable, no payroll or invoices, but only Buys and Sells stocks, bonds,.....? Thanks, Bob ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - misc.taxes.moderated - 22575 messages and counting! ##-----------------------------------------------## -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on August 11, 2009, 10:32 pm Please log in for more thread options > >Hi, I am not a Day Trader but setup a Limited Partnership and >S-Corporation whose primary "business" is Buying and Selling stocks, >mutual funds, bonds,..... I use Quicken which is excellent to keep track >of purchases and sales but I also would like to create a GL, I&E >statements, Balance sheets,.. which Quicken can not do and would >appreciate if someone can please advise me if their is an (off the shelf) >software program that he can be used for "accounting functions" for >someone who does not have accounts receivable or payable, no payroll or >invoices, but only Buys and Sells stocks, bonds,.....? Thanks, Bob I can't really address your software issue but ... Would you mind sharing why you believe a Limited Partnership and also an S-corp is needed or provides some benefit for buying and selling various securities? -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Gene E. Utterback, EA, RFC, AB on August 12, 2009, 4:26 pm Please log in for more thread options >> >>Hi, I am not a Day Trader but setup a Limited Partnership and >>S-Corporation whose primary "business" is Buying and Selling stocks, >>mutual funds, bonds,..... I use Quicken which is excellent to keep track >>of purchases and sales but I also would like to create a GL, I&E >>statements, Balance sheets,.. which Quicken can not do and would >>appreciate if someone can please advise me if their is an (off the shelf) >>software program that he can be used for "accounting functions" for >>someone who does not have accounts receivable or payable, no payroll or >>invoices, but only Buys and Sells stocks, bonds,.....? Thanks, Bob > > > I can't really address your software issue but ... > > > Would you mind sharing why you believe a Limited Partnership and also > an S-corp is needed or provides some benefit for buying and selling > various securities? > -- > > ArtKamlet at a o l dot c o m Columbus OH K2PZH Great follow up Art. I'm curious about this as well. I don't recall the details but I have some vague recollection of some special issues for S Corps that garner more than a certain percentage of their income from passive activities, which I THINK would include day trading. If this guy isn't careful he could wind up paying MORE tax because of setting up incorrectly. Gene E. Utterback, EA, RFC, ABA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by \"Jack\"-:) on August 13, 2009, 12:18 am Please log in for more thread options On Aug 12, 4:26�pm, "Gene E. Utterback, EA, RFC, ABA" > > > > > > > > >>Hi, I am not a Day Trader but setup a Limited Partnership and > >>S-Corporation whose primary "business" is Buying and Selling stocks, > >>mutual funds, bonds,..... I use Quicken which is excellent to keep track > >>of �purchases and sales but I also would like to create a GL, I&E > >>statements, Balance sheets,.. which �Quicken can not do and �would > >>appreciate if someone can please advise me if their is an (off the shelf) > >>software program that he can be used for "accounting functions" for > >>someone who does not have accounts receivable or payable, no payroll or > >>invoices, but only Buys and Sells stocks, bonds,.....? �Thanks, Bob > > > I can't really address your software issue but ... > > > Would you mind sharing why you believe a Limited Partnership and also > > an S-corp is needed or provides some benefit for buying and selling > > various securities? > > -- > > > ArtKamlet �at �a o l dot c o m �Columbus OH �K2PZH > > Great follow up Art. �I'm curious about this as well. �I don't recall the > details but I have some vague recollection of some special issues for S > Corps that garner more than a certain percentage of their income from > passive activities, which I THINK would include day trading. > > If this guy isn't careful he could wind up paying MORE tax because of > setting up incorrectly. > > Gene E. Utterback, EA, RFC, ABA > > -- > << ------------------------------------------------------- >> > << The foregoing was not intended or written to be used, � >> > << nor can it used, for the purpose of avoiding penalties �>> > << that may be imposed upon the taxpayer. � � � � � � � � �>> > << � � � � � � � � � � � � � � � � � � � � � � � � � � � � >> > << � The Charter and the Guidelines for submitting posts � >> > << �to this newsgroup as well as our anti-spamming policy �>> > << � � � � � � � � �are atwww.asktax.org. � � � � � � � � >> > << � � � � Copyright (2007) - All rights reserved. � � � � >> > << ------------------------------------------------------- >>- Hide quoted text - > > - Show quoted text - Along with Art & Gene i would question the entity choice. As for accounting, I ask my clients to use Gainskeeper. I believe, if you do a search for the product, you'll find a free trial. It keeps track of ALL transactions (wash sales, cost basis changes,etc) There could be benefits by changing the method of accounting, using mark to market and sole proprietor status on Schedule C. Check out the topic Topic 429 - Traders in Securities (Information for Form 1040 Filers) http://www.irs.gov/taxtopics/tc429.html -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by removeps-groups@yahoo.com on August 26, 2009, 11:26 am Please log in for more thread options On Aug 12, 1:26 pm, "Gene E. Utterback, EA, RFC, ABA" > Corps that garner more than a certain percentage of their income from > passive activities, which I THINK would include day trading. In many places of the tax code passive income is defined as royalties, dividends, interest, etc. See for example http://www.taxalmanac.org/index.php/S_Corporation_passive_income_tax. Capital gains are not considered passive income. Day trading probably involves mostly capital gains. For traders there is an election to eliminate the wash sale rule, treat all gains as short term, and eliminate the maximum capital gain loss than can be deducted each year (by default $3000). I think it has a 75 in it. S Corps in California have a tax which is the larger of $800 or 1.5% of income. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Taxation/expenses for UK Contractor / Sole Trader July 30, 2008, 2:55 pm Free Software Downloads, Software Reviews, Download Freeware and ... 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