TXF Express: March 2009

Now it is the tax season again. Last year was not a good year for most stock traders. It is painful enough to face the reality that you stock value tanks well under water. Yet you still have to face another pain to sort out all your losses (and gains? any one?) for preparing your tax. Some brokers provide direct integration of stock trade data into tax software. But many others do not. So what can you do?
1. you can manually input each of your single transaction into the tax software. Remember you also have to calculate your capital gain.
2. you can hire a tax consultant to do it for you if you have too many trades. That does not come cheap...

If you don't like either of the options, there is a middle ground. You can convert your stock trade files into TXF (tax exchange format) files. Most tax software accepts TXF files and generates Form 1040 Schedule D for you. Turbo Tax and TaxCut surely do. TXF Express LLC specializes in generating txf files for various brokers. The price of the service starts as low as $2.99. That is even cheaper than a cup of Mocha from starbucks! It saves you from the tedious and error-prone process of manual inputting, and many cups of coffee to keep you awake. Here is how TXF Express service works.

TXF Online

There is nothing simpler than this. Download the stock trade files from your broker's website. Register your email, upload your file to the website, checkout the purchase order via Paypal and you are done. You are going to receive an email with your TXF file instantly. Here is the screenshots of TXF Online.

1. Register your email