, (PressExposure) December 18, 2007 -- Track Your Trades Co. has developed a new software product designed to greatly simplify completion of the otherwise tedious federal Schedule D (Capital Gains and Losses) tax form. Created for investors, traders, and tax professionals, Track Your TradesÂ® (TYT) software runs on Windows-based PCs and laptops. The product is the brainchild of President and Founder Christ A. Milesis, Ph.D., who recognized that people investing in stocks, options, and mutual funds needed a practical, fast tool to generate a Schedule D for their tax return. Dr. Milesis states, âTrack Your Trades was written to help investors who are hamstrung by the dreaded Schedule D. Instead of pouring over a stack of trade confirmations with a calculator trying to figure out cost basis, wash sale adjustments, date acquired, etc., you can let our software do it all for you â hassle-free.â
The product allows users to either print the Schedule D report for mailing, or export it to TurboTax, TaxCut, or Excel for e-filing. The normally painstaking task of figuring cost basis (average purchase price, or cost, of shares sold) is done automatically and seamlessly by TYT, based on userâs choice of either the FIFO (First In First Out) or Specific ID (user selects which share lots to sell) method of finding cost basis.
Users can manually enter their trades into the software database, or import their trades from a file downloaded from their online brokerage. TYT stores inputted trades on the userâs computer, allowing instant access to reports and analyses even when the userâs internet connection is slow or down. Speaking of access, TYT sports an optional password protection feature that blocks unauthorized access to the program. Press release distribution by PressReleasePoint(http://www.pressreleasepoint.com/)
TYT also contains tools to support tax planning, including a âWhat-If Wizardâ, which enables users to see a trade outcome beforehand to find opportunities for strategic tax-loss selling.