| The are many differences between commercial
system such as ITTSS and consumer-based systems:
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- ITTSS is pattern intensive software, which requires on-going
interaction with trader tax specialist to ensure the tax code is
adhered to during gain/loss calculations and during wash sale
definition / adjustment steps (all this is done based the situation’s
on trading pattern). The other consumer-based systems do not give you
or your tax specialist ability to change the processing patterns to
give you proper results.
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- Most consumer-based profit calculators provide only what we can best
refer to as an "estimation" of profit/loss not suitable for
your tax return. These systems may leave trader with overstated or
understated capital gains or losses (resulting in non-compliance) by
significant margin (this list also includes leading name brand
off-the-shelf tax return consumer software, which can handle limited
number of active trader transactions and each package is suited for
long term matched investments only). The margin of error depends on
the software trader is using to calculate his or her profits. The
ITTSS software uses only methods specified by tax code to get the
right profit/loss just like IRS would during a potential audit.
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- There is no software on the market that handles even a small
percentage of wash sale cases or can even identify all wash sales
properly, other then ITTSS and only with manual intervention by a
trained professional.
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