Quote from oldtime:
wow, that Trade Log looks pretty nice. How does it get the info from the broker? I see my broker (ib) is listed, but what is the procedure to enter the trades into Trade Log?
It is a Simple procedure, you set up the account in the program, IB import Brokerconnect, it connects to IB, signs you on, prompts you for your secureID, then imports transactions automatically.
Then you run a few filters to match a few open transactions, if you do it monthly it isn't much maintenance at all.
Best time to do it is 1st of year, and try to be flat at end of year to avoid the nuisance of identifying positions to be carried over
If you choose Mark to Market accounting, once you do the initial setup, it is painless each year. If you primarily trade futures and Forex, do not believe it makes much difference. Standard license should be fine.
In any event, it comes with sufficient tutorials which walk you through the setup procedure.
It definitely saves money with my accountant each year
Ref: Creating a business entity or LLC for personal trading, doubt it necessary, as others pointed out - best advice is to ask YOUR accountant for YOUR personal situation.