Annual Tax Summary Report

What's Included

The Annual Tax Summary contains:

Income Section

• Total Funded Account Payouts — All approved payouts from prop firms

• Challenge Refunds Received — Money returned from challenge purchases

• Other Income — General income from the Transactions module

• Total Income — Sum of all income sources

Expense Section

• Total Challenge Costs — All prop firm evaluation purchases

• Tools & Software — Software subscriptions and trading tools

• Education & Coaching — Courses, mentorship, books

• Other Business Expenses — Everything else categorized as expense

• Total Expenses — Sum of all expense categories

Summary Section

• Total Income — From above

• Total Expenses — From above

• Net Profit/Loss — Income minus Expenses

How to Generate

1. Navigate to Reports

2. Find the Annual Tax Summary card

3. Select the Fiscal Year from the dropdown

4. Click PDF or CSV to export

Choosing the Fiscal Year

The dropdown shows available years based on your data:

• Current year (e.g., 2025)

• Previous years (2024, 2023, etc.)

Select the year you need. The report will include all paid transactions from January 1 through December 31 of that year.

Understanding the Numbers

Payouts

These are approved payouts from your funded accounts. This is your primary revenue from prop trading.

Challenge Refunds

Money returned to you—typically challenge fee refunds after passing. These are cost recoveries, shown separately from payouts.

Challenge Costs

What you spent purchasing prop firm evaluations. This is usually a significant expense category for prop traders.

Net Profit/Loss

The bottom line: did your trading business make money this year?

Positive number: Business was profitable Negative number: Business operated at a loss Zero: Broke even

Refunds vs. Income

The report distinguishes between:

• Payouts and Other Income — True revenue

• Refunds — Cost recoveries

This matters for accurate financial understanding:

• Payouts represent what your trading earned

• Refunds represent getting your own money back

Some prefer to see refunds reducing expenses rather than adding to income. Discuss with your tax professional how to handle this.

Multi-Currency Reports

If you have activity in multiple currencies, the report groups by currency:

Example
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USD Section: Payouts: $15,000 Expenses: $8,000 Net: $7,000 EUR Section: Payouts: €5,000 Expenses: €2,000 Net: €3,000 

Currencies are not converted or combined. This preserves accuracy.

PDF Format

The PDF export includes:

• Report title and date range

• Your business/account name

• Organized sections with clear labels

• Subtotals and grand totals

• Professional formatting suitable for records

CSV Format

The CSV export provides:

• Raw data in columns

• Easy to import into spreadsheets

• Suitable for further calculations

• Can be filtered and sorted in Excel

Before Generating

Ensure your data is complete:

1. All payouts recorded — Check Funded Accounts for any missing payouts

2. All expenses marked Paid — Unpaid expenses won't appear

3. Correct dates — Transactions should have accurate dates

4. Proper categorization — Categories affect how expenses are grouped

Common Questions

What if I'm missing data? Add the missing transactions before generating. Reports reflect what's in the system.

Can I regenerate a report? Yes, generate as many times as needed. If you add data later, regenerate for updated numbers.

Should I use this for actual tax filing? Use it as supporting documentation. Your tax professional should verify and prepare actual filings.

What about private account trading? Private account P&L is not included in this report. Those are personal accounts—discuss with your accountant how to handle them.

Next: Income Report →