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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Wayners who wrote (1698)1/1/1999 2:48:00 PM
From: Colin Cody  Read Replies (1) of 5810
 
Wayne, I agree with the other answers you received.

As my trading activity increased I started an Excel Spreadsheet that I keep "live" all day long.

I set up 10 columns:
# shares; Description; date acquired; date sold; fairmarket value/sales price (2 columns: price per share & total ticket price); Cost (2 columns: price per share & total ticket price); Gain/Loss on the position; TODAY'S gain or loss.

I put in my trades as I make them, and I know how I am doing each day.

I print it out each day and I can review my progress daily, weekly or monthly just by looking back at the print outs. (As the print outs get longer & longer, I temporarily change the closed-out trades to a row height of zero), So it is only a one page print-out.

My MB Traders has an automatic "minder" that tells me how I am doing each day, but with my volume level I like my system. It focuses my attention to each open position as I manually need to put in current prices on each open item.

This system also lets me quickly check the confirmations when they arrive several days after the trade. My formulas usually hit the confirm within a penny, OR they point out that something extra was added to the broker's fees.

I also use COLORS to highlight gains vrs losses, one broker vrs another broker; etc

Looking at my schedule today I know what my 1099 from the brokers should be in total, and once it checks out I can manipulate and sort the data for any analysis or tax reporting I need!

Colin
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