It is no mystery that taxes are a hassle. And with cryptocurrency in the picture, the hassle is all the more complicated and new. Whether you are a cryptocurrency investor or an accountant with clients that traded in cryptocurrency, you need to know how to report the capital gains from cryptocurrency trading. GetCryptoTax, a free and easy-to-use online tax calculator, has taken on the role of guiding people through the treacherous footing of calculating their cryptotaxes.
Although Bitcoin took a 70% drop over the course of 2018, the silver lining is that traders can write-off their losses against capital gains in the stock market. The government shutdown has prevented filing your tax forms, but now that the government is back in action, it is time to get ahead of the game.
Accountants and Crypto Tax
One accountant we talked to had a client who had traded on 5 exchanges and had about 3,500 trades over the course of the year. The accountant said at first it took her 2 hours to figure out how to calculate the capital gains by hand. After she had figured out the process, it took her on average 1.7 minutes per trade to calculate. With the total amount of trades, it would have taken her about 99 hours to do in a spreadsheet. Fortunately, a coworker of hers told her about the online cryptocurrency tax calculator GetCryptoTax.
Why do we think that accountants will love GetCryptoTax? Here are some reasons:
- It makes filing crypto taxes fast and saves you tons of time.
- You will not lose clients who have traded in cryptocurrency.
- By reporting capital gains on cryptocurrencies, you are much less likely to run afoul of government regulations.
- You will be setting yourself up to win in the long term, as cryptocurrency becomes more and more popular.
- The new clients you will be able to attract as an accountant that can handle cryptocurrency will tend to be young, wealthy, and in it for the long haul.
So what’s not to love? The IRS has already demanded that cryptocurrency exchange Coinbase hand over information on 14,000+ users in past years. As the market for cryptocurrency continues to expand, the IRS will have more incentive to monitor it. Thus, it is of the utmost importance to stay ahead of the game and be proactive.
How can crypto traders deal with the struggle of filing crypto taxes? It’s tough, and GetCryptoTax knows that. The product evolved out of the frustration its founders had with filing their own cryptocurrency taxes. What can they offer to you, as a cryptocurrency trader or owner? Quite a lot, actually. To be specific: a secure platform to easily upload your cryptocurrency trades and download your necessary tax documents.
It’s as easy as one, two, three:
1. Create an account.
2. Upload your trades.
3. Download your report.
Are you still nervous? Don’t be. GetCryptoTax has screen by screen tutorials for each exchange and they walk you through every click of the way. GetCryptoTax and its team has brought to market a unique and user-friendly product that helps traders solve the cryptocurrency tax issue and cross the bridge to a successful tax filing season.
The Solution: GetCryptoTax.com
Our recommendation is to use GetCryptoTax.com because it is affordable, user-friendly, and safe.
The website provides illustrated, click-by-click tutorials to help you to easily extract your trade data from exchanges. It then calculates your capital gains or losses for free. And for $10, you can download spreadsheets to give to your accountant or import into online software like TurboTax. With the tax deadline upon us, head over to GetCryptoTax.com before it is too late.
Disclaimer: This is not intended to be tax or legal advice. Please consult your own tax and legal professionals.
GetCryptoTax 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.