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GainsKeeper
Product Overview
It is not the “sexy” part of trading, and if you ask, most individual traders/investors will tell you they don’t really think about it until it is time to “pay up.” Paying attention, however, to your trading tax situation (especially wash sales and short-term vs. long-term sales) throughout the year is an act that may not make you money, but it surely might save you money. And in the end, saving is the same as making. GainsKeeper for Individual Investors (GainsKeeper) is software that could well save you money – “GainsKeeper arms investors with accurate cost basis, gain/loss information, and trade decision tools that maximize after-tax returns - powering investors to better results.”
Managing money well requires seeing a true picture of your portfolio day to day. GainsKeeper software automatically gives you an important element of that picture – your immediate tax liability on any trade, and with the new “Cost Basis Requirement” rules coming into effect in January 2011, having an accurate picture of your tax liability, both during the year and when taxes are due, is an important tool for tax strategizing to maximize after-tax returns. The “Portfolio Optimization” feature, for example, helps you develop strategies to avoid wash sales, identify investments for the “Double Down Strategy,” and it uses "Sell Grades" that tell you the optimal lots to sell first for minimizing tax consequences. These are but three features in the Portfolio Optimization section.
When it comes time to pay the “tax man,” GainsKeeper software really shines. With the ability to import trade information from most brokerages, it is a snap to prepare this portion of your tax filing.
- GainsKeeper generates your Schedule D.
- GainsKeeper is compatible with the most popular tax-preparation, software packages.
- GainsKeeper has customized reporting tools, including Income/Loss Form 4797 for traders electing mark-to-market with the IRS.
- GainsKeeper identifies, calculates, defers, and reverses all wash sales.
As both technology and accuracy matter, GainsKeeper software is supported with specific technology that can process, at a minimum, 5,000 transactions per second. As well, and, more importantly, the accounting accuracy of GainsKeeper is unsurpassed. Stevie Conlon, senior director and tax counsel for Wolters Kluwer Financial Services’ Securities Tax Solutions business, is one of the country’s foremost experts on the cost basis reporting law, and she leads a team of like-qualified tax professionals.
Additional Features
- GainsKeeper automatically adjusts securities for stock splits, spin-offs, mergers and other messy corporate actions.
- GainsKeeper enables traders/investors to have a master record of all their trading accounts.
- GainsKeeper provides a five-month rolling basis to examine historical trends and patterns related to long-term investments.
Conclusion
If you are an active trader/investor that utilizes multiple brokers, or you want to analyze accurately your day-to-day tax situation for strategic purposes, or you want an accurate and easy way to fill in your trading-related tax forms, GainsKeeper is an affordable way to go. Subscriptions range in price from $69/year (up to150 transactions) to $659/year (up to 20,000 transactions). The reality is that no matter which package you choose, you will probably pay much more for a professional to do the work, and you probably will not save as much on your taxes if you slog through the process on your own. Sign up for the free trial and check out GainsKeeper for yourself. Not sexy, true, but managing your tax situation is a necessary part of the business of trading or investing.
Tags:star-awards, review, gainskeeper, strategy-software
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