These tools will help you calculate your cryptographic taxes

The taxes

Producing taxes can be tricky, and in countries like the United States, it is notoriously complicated. But when crypto-currencies are added to the equation, things get even more difficult. Many aspects of the reporting of cryptographic revenues and benefits are not yet clearly defined. However, a number of tax reporting and calculating tools attempt to take up the challenge and automate the process.

Read also: 8 cryptographic debit cards that you can use worldwide right now

Popular tax calculators for cryptocurrency investors

Bitcoin Taxes is one of the first tax calculators for cryptography enthusiasts. The online platform allows users to import data relating to their purchases and sales of cryptocurrency throughout the year from a number of locations. major cryptographic exchanges. The service also includes digital coins mined in the balance and any encrypted money spent or donated.

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Once the data is downloaded, the tool prepares several reports that cover encrypted income and capital gains from cryptocurrency transactions. A closing report containing the net result during the fiscal year is then generated. Bitcoin Taxes provides useful information on tax requirements in countries such as the United States, the United Kingdom, Germany, Australia, Japan and Canada, explains the basic terms related to crypto-taxation and gives simple advice on determining the basic cost of digital parts.

Part tracking is another tool for calculating taxes related to cryptography. It is very popular with investors because it imports data from more than 70 stock exchanges. It compiles the transaction history of the user before providing an estimate of its tax obligations. Then, the summary information can be exported in various formats, including Excel and PDF files. A capital gains report is generated only for users who have paid for the premium service.

Coinbase offers integration with Turbo Tax

Coin Tracker, an online cryptographic tax manager with a similar name, gives Coinbase users the ability to get a complete transaction history across all of its platforms. In the United States, the first-of-its-kind digital badet swap has recently been offered to traders to help them file their tax returns, by announcing an integration with the popular Turbo Tax Tax Filing Platform. Customers can now download the history of their transactions and upload up to 100 transactions at a time into the tax software thanks to its cryptographic import function that works with Coinbase and its iOS and Android apps. .

However, to obtain a combined transaction history on all Coinbase platforms, including Coinbase Pro, customers must use the Coin Tracker services. Coinbase also offers its users a guide to crypto-taxation and has developed its own calculator that can be used to produce a report covering purchases, sales and other transactions made through Coinbase accounts.

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A universal calculator is offered by Balance Tax. Their tool estimates capital gains and losses after badyzing the cryptographic activities of their clients. The software connects to established cryptocurrency exchanges such as Coinbase, Bitstamp and others to track transactions in major cryptocurrencies such as BTC, BCH, ETH and a number of altcoins. Cryptographic taxpayers can freely use the Libra Tax Calculator for up to 500 transactions, while the paid subscription allows them to track 5,000 transactions. The premium service offers the possibility to download tax reports.

Zenledger is another provider of tax calculation services for cryptographic investors. Its solution allows users to import cryptocurrency transactions and calculate capital gains and cryptographic revenues through its integration with leading digital badet trading platforms and the support for the most popular parts. Once the transaction history imported, the tool generates capital gains, income, donations, closing reports, provides a profit and loss account, and automatically fills out tax forms such as the 8949. The Zenledger startup subscription costs $ 149 and covers the processing of 500 transactions with a total value of up to $ 50,000.

Tax Token is a relatively new company in the industry. Since the beginning of last year, it has been helping users to account for their cryptocurrencies, but is also developing products for CPA companies, cryptographic exchanges, high frequency trading platforms and portfolio providers. He recently released a new version of his software that uses artificial intelligence technology to automate the process of filing tax returns. Tax Token offers free trials for some of its services, including its tax preparation program.

Do you plan to use specialized software to calculate your cryptography taxes? Tell us in the comments section below.

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