Everyone understands the complicated paths around filing taxes. These complications compound even further when cryptocurrencies enter the picture. Reporting taxes is essential, and individuals that trade in cryptocurrencies should report their capital gains, especially given that the IRS has subpoenaed Coinbase to release identifying information on its traders in past years.
The downturns in the price of bitcoin in 2018 worried many. The good news, however, is that traders can offset their crypto losses against stock market capital gains for up to $3,000 per year and roll the remainder of the losses to offset their gains in future years.
Although the recent government shutdown delayed the filing of tax returns, now that systems are all go and taxes are due April 15, the time is perfect to do all your filing now.
Get Crypto Tax, an online tax calculator takes people through the tricky terrain of calculating their cryptocurrency taxes.
Accountants and Crypto Tax
Figuring the calculations for capital gains for the frequently many and elaborate transactions of your clients is nearly impossible given time constraints if you try to use spreadsheet software, and forget trying to use a calculator! Also, keep in mind that most exchanges do not include the spot prices to convert like-kind trades (for example, ETH into BTC) into USD for each trade – many exchanges do not and it can become quickly laborious to look up each trade by hand.
To demonstrate: take an accountant with a client who has had about 3,000 trades. Given that it takes the average accountant about two minutes to work out each trade, they will need about 12.5 work days to work out the total capital gains due to the client. And that is not even counting their capital gains from stocks, bonds, and real estate.
Fortunately, Get Crypto Tax’s cryptocurrency tax calculator takes care of the complicated math in a matter of seconds.
Here are the reasons why Get Crypto Tax is going to be every accountant’s darling:
- It saves a lot of time and eases the process of filing cryptocurrency tax;
- You will easily retain clients that trade in cryptocurrency;
- By abiding by the cryptocurrency tax returns regulations, you will be on the right side of the government;
- As cryptocurrency becomes mainstream, you are differentiating yourself from the rest of the pack; and
- You will attract millennials who you will retain for a long time to come.
These reasons are just the tip of the iceberg. Given its history, the IRS is expecting data on users registered on Coinbase that traded in over $20,000 over the year. Besides, the overwhelming growth of the cryptocurrency space attracts even more scrutiny from the federal agency. Using Get Crypto Tax and staying ahead of the game, as such, is a wise move.
The concept of Get Crypto Tax was born out of the understanding that traders struggle when filing their cryptocurrency taxes. The founders, crypto traders themselves, had a hard time doing their taxes using normal spreadsheet software and existing online tax preparation tools did not integrate easily with cryptocurrency. These difficulties motivated the innovation that is Get Crypto Tax.
The product is a safe and secure platform where you can upload all cryptocurrency trades as well as get the necessary tax documents. It is also easy to use since all you need to do to access the platform is:
- Create your account;
- Upload your trades; and
- Download your tax report
The issues around cryptocurrency taxes puzzle many, so it is normal if all this narration has not set you at ease. However, you don’t need to worry. Get Crypto Tax provides screen by screen tutorials for every exchange, and it has proactive customer support that will walk you through the entire process.
GetCryptoTax.com has user-friendly click-by-click tutorials that show you how to get your trade data from the different exchanges without any mystery or frustration. And if you do not have too many trades, the product calculates your capital gains for free. Additionally, you can download the spreadsheets of the trade or import them into online software such as TurboTax for just $39.99 USD.
Now that the tax deadline is soon approaching, you should navigate to GetCryptoTax.com and stay ahead of the pack.
Disclaimer: This is not intended to be tax or legal advice. Please consult your own tax and legal professionals.
About Get Crypto Tax
Get Crypto Tax is a website that helps you calculate capital gains on your cryptocurrency trades so that you can file your taxes. The site provides user-friendly tutorials to help you easily upload exported spreadsheets from your cryptocurrency exchanges. Get started at https://getcryptotax.com or for accountants https://getcryptotax.com/accountants.
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