New crypto tax solution is making accurate calculations quick and easy
Organizing taxes has always proved a difficult process for companies and individuals during the yearly tax season. With crypto, this process becomes even more complicated.
Although cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) appear similar to fiat currencies, in the eyes of the taxman, these digital assets need to be treated differently. This means cryptocurrency transactions may need to be reported as capital gains or losses.
That is why it’s important to keep track of crypto transactions over time. Software like Cointelli makes it easy for both individuals to file crypto tax returns and for tax professionals to offer crypto-tax preparation, calculations and support to their individual and small business clients.
Understanding what taxes apply in which geographies and reporting efficiently can help eliminate the stress that usually comes with calculating taxes. As more and more organizations are accepting payment in cryptocurrency and individuals are being paid in digital assets, it is becoming more important that everyday people begin to decipher the world of crypto taxes. With roughly 16% of the adult population investing in cryptocurrencies, and this market expected to massively grow, the U.S. government has drafted cryptocurrency tax regulations.
Reporting complex transactions across a number of platforms can be time-consuming and can involve a lot of mistakes when it comes to recording the right level of detail. There are so many boxes that need to be ticked correctly that trying to analyze all the data manually can quickly become frustrating. A simplified, all-in-one software like Cointelli allows users to minimize crypto tax errors and also makes the process more efficient.
So how exactly can people
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