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CryptoTrader.Tax Review – A Detailed Look At This Crypto Tax Reporting Platform

Crypto tax reporting can be a complicated and time-consuming process, with people usually making transactions across multiple different platforms and confusion over crypto tax policies. Nonetheless, it’s imperative that people get their taxes done on time to avoid penalties and future repercussions. When completing their crypto taxes, people have a few different options available to […]

CryptoTrader.Tax Review – A Detailed Look At This Crypto Tax Reporting Platform was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

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Crypto tax reporting can be a complicated and time-consuming process, with people usually making transactions across multiple different platforms and confusion over crypto tax policies.

Nonetheless, it’s imperative that people get their taxes done on time to avoid penalties and future repercussions. When completing their crypto taxes, people have a few different options available to them. These include calculating and filing their taxes themselves, hiring an accountant, or using a specialized crypto tax reporting platform.

One such crypto tax reporting platform is CryptoTrader.Tax, which describes itself as “the easiest and most reliable way to prepare your cryptocurrency taxes.” To find out if it lives up to these claims, I tested out the platform and have provided an in-depth review for our readers below.

Import Your Trades From Any Exchange

One of the complexities of trying to calculate your crypto taxes alone is handling the vast amount of transactions made across multiple crypto exchanges. A dollar value for each trade must be established in order to calculate any gains or losses accurately. Therefore, when dealing with a lot of trades, this becomes a long and tedious task, with errors often made.

CryptoTrader.Tax allows you to quickly import your trades from any exchange by either using the API import tool or uploading your trade history files. This will enable you to efficiently manage all of your trading data on one specialized tax platform.

Supported Crypto Exchanges

Also, when you upload your trades, CryptoTrader.Tax automatically establishes a fair market value and cost basis for them using historical data. This dramatically increases the speed of calculating your taxes and significantly reduces the risk of errors.

On top of your trade data, you can also add other crypto income from things like airdrops, gifts, and mining.

Generating a Tax Report

After importing all of your data, you then review your trades before generating your report. For each tax year, CryptoTrader.Tax generates an Audit Trail Report, Cryptocurrency Income Report, Short & Long Term Sales Report, IRS Form 8949, and an End of Year Positions Report.

Generating Tax Report

CryptoTrader.Tax supports the FIFO, LIFO, and HIFO accounting methods, meaning people from almost anywhere in the world can use this platform for their cryptocurrency taxes. Users can also have their gains and losses calculated in any fiat currency.

When calculating your taxes, CryptoTrader.Tax uses the same methods that tax professionals use. It ensures that you are paying the correct amount and not overpaying on your taxes. CryptoTrader.Tax has built-in tax-loss harvesting tools to help you reduce and offset your capital gains.

The platform also allows you to import your capital gains and losses directly into the online or desktop versions of TurboTax and other tax platforms. CryptoTrader.Tax is Level 1 PCI compliant and uses SSL encryption to ensure that your data on the platform is secure.

CryptoTrader.Tax Pricing

CryptoTrader.Tax charges for reports as a one-time payment per tax season. It has a tiered pricing structure in place, meaning the more trades you made during the tax season, the more you pay.

This allows those with a small number of trades to pay a minimal amount, and even for those who require the ‘Unlimited’ tier, the pricing is still very competitive. When you have purchased a report, you can make unlimited revisions to it for that year. CryptoTrader.Tax’s pricing options are as follows:

CryptoTrader.Tax Pricing Plans

Users can pay for CryptoTrader.Tax using a Visa, MasterCard, or American Express credit/debit card. However, it’s important to understand that you only have to pay for CryptoTrader.Tax when you are ready to generate your tax report. This means you can create an account, import your data, and review your transactions for free.

Note: If you need reports for 2017 or before, you can get a 15% discount off the normal report price.

CryptoTrader.Tax offers a full money-back guarantee on any purchases. That means if you are not satisfied with your report, you can get a full reimbursement as long as you request it within 14 days of purchasing.

How to Create an Account

It’s quick and easy to create an account at CryptoTrader.Tax, with the option to create either an Individual Account or a Tax Professional Account. To create an Individual Account, users simply need to add an email address and create a password. Tax professionals need to provide their name, email, and create a password.

CryptoTrader.Tax Signing up for an Individual Account

This process takes seconds, and when you have created your account, you can immediately start integrating the exchanges you use, uploading your data, and using the platforms different tools. You do not need to provide any credit card or payment details when creating an account.

CryptoTrader.Tax allows anyone to easily manage and calculate their crypto taxes at a reasonable price. What could take hours or even days can be done in minutes on the CryptoTrader.Tax platform. On top of that, CryptoTrader.Tax ensures that your Bitcoin tax report is accurate and compliant, mitigating the risk of mistakes and overpaying on your crypto taxes.

CryptoTrader.Tax Overview

CryptoTrader.Tax’s CEO David Kemmerer was even a guest on Anthony Pompliano’s ‘Off the Chain’ podcast, where he discussed the complexities of cryptocurrency taxes. For those who would like to listen to this interview, you can find it here.

If, at any point, a user needs assistance during the tax reporting process, CryptoTrader.Tax has a professional support team in place that will get your queries resolved quickly. Overall, CryptoTrader.Tax is an excellent choice for both individuals and tax professionals who are looking to make the tax reporting process more efficient.

References

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Blockchain

OpenSea Crashes Following BossLogic NFT Drop via Ethernity

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The hype around non-fungible tokens (NFTs) continues to escalate as demand for primary sales is only growing higher.

The last manifestation of this was earlier during the BossLogic NFT drop that took place on the OpenSea marketplace, causing it to essentially crash under the high traffic.

OpenSea Crashes as Traffic Surges

OpenSea, touted as the largest NFT marketplace crashed last night under a serious surge in traffic caused by an NFT drop.

The platform took it to Twitter to explain what happened:

Outage notice: the Bosslogic drop caused a 2X surge in traffic at 19:30 UTC, ultimately causing two spikes of failed requests, at 19:50 and 20:40.

The issue was our servers’ ability to reclaim memory. We will have a fix out shortly, but sincerely apologize to all affected!

Naturally, this caused some users to be upset because they’d lost gas fees as a result of the outage. The team responded that they “will not have to pay gas the next time you bid, for the next auction – that cost is only for the first time you ever bid on anything (converting ETH to wrapped ETH).”

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BossLogic’s NFT Drop

BossLogic is a well-known artist with almost half a million followers on Twitter and a lot more across different social media platforms.

His latest NFT drop was through a partnership with Ethernity chain to offer 2501 pieces of art to the very first lucky community members.

The tokens were sold for 0.299 ETH and each one of them represented digital artwork that’s featured in the collection.

This latest NFT drop is the latest to create massive hype around it. As CryptoPotato reported yesterday, the interest surrounding non-fungible tokens have surpassed that of ICOs from back during their peak in early 2018. This has caused many people to believe that they are in a state of a bubble.

Featured image courtesy of Inverse

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Source: https://cryptopotato.com/opensea-crashes-following-bosslogic-nft-drop-via-ethernity/

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Blockchain

Norwegian Oil Mogul Sets Up $58 Million Entity to Buy Bitcoin

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The institutional bitcoin frenzy continues to spread like an epidemic. After several United States mega corporations added the digital currency to their balance sheet, the floodgates have been opened to major institutions across the world. Norwegian holding company Aker ASA said today that it will establish a new unit dedicated to bitcoin investment and the digital asset’s underlying technology.

Miss Out? “No Way”!

Asian smartphone giants, Meitu yesterday joined the league of institutional bitcoin adopters, as reported by CryptoPotato. With the future of modern-day finance hanging in the balance, companies investing reserve cash in bitcoin is widely becoming a norm rather than an exception. The latest to embrace bitcoin is Norwegian holdings, Aker ASA. It made the announcement in a press release this morning.

Aker ASA is going a step beyond investing in the leading digital currency. It will set up a company devoted to investing in bitcoin and blockchain technology. The new company called “Setee AS” will actively participate in the cryptocurrency space by collaborating with other industry players. It will also invest in other companies with healthy prospects in the blockchain and cryptocurrency industry.

The company which majors in offshore fishing, construction, and engineering said it would convert all its liquid assets to bitcoin. The new dedicated bitcoin unit will have a capital of around 500 million Norwegian crowns (approximately $58.6 million).

.. With Great Power Comes Great Responsibility

According to Aker, the operation of the new entity will span beyond bitcoin investment. The unit is expected to leverage the capabilities of its parent organization to pursue innovations in cybersecurity, financial transactions, and emissions-free verification operations. As part of the latter, the company will research and work on alternative ways to verify bitcoin transactions in a more environmentally friendly manner.

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To set the ball rolling, Setee is collaborating with a Canadian global leader in Bitcoin and blockchain technologies, Blockstream. President and CEO of Aker ASA, Øyvind Eriksen, spoke on the launch of Setee and its first partnership.

“With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partners”

Aker AS is owned by Norwegian billionaire businessman Kjell Inge Rokke. Rokke shared a letter concerning the latest development to the company’s stakeholders. In the letter, he wrote:

First, we will use bit­coin as our trea­sury as­set and join the com­mu­ni­ty. In Bit­coin speak, we will be hodlers. We will be dif­fer­ent, but ad­di­tive.

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Source: https://cryptopotato.com/norwegian-oil-mogul-sets-up-58-million-entity-to-buy-bitcoin/

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Blockchain

ETC Group adds Ethereum ETP on Deutsche Borse

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Exchange-Traded Products [ETPs] are gaining prominence and crypto investment firm ETC Group announced the launch of an Ethereum ETP on Deutsche Borse’s Xetra on 9 March. This ETP will go live with the ZET ticker and will be its second crypto investment product after Bitcoin ETP, as per reports.

The firm launched Bitcoin ETP in June 2020 and its assets under management have surged to $1 billion since. Since ETP’s value depended on the underlying security, this growth was a given for Bitcoin. Now that Ethereum has also joined the bandwagon, the results of its growth will also reflect positively for the investment firm.

Xetra, operated by the Frankfurt stock exchange, noted that more than 90% of trading in German shares goes through the marketplace, along with 30% of trading in exchange-traded funds [ETFs]. As per its website, more than 30 new ETFs and 4 ETCs are tradeable on Xetra since January.

However, ETC Group was not the only one listing ETPs on Deutsche Borse. 21Shares AG also announced the launch of the world’s first centrally cleared Ethereum [ETH] and Bitcoin Cash [BCH] ETPs a few days back.

According to reports, this was done to further push the institutionalization of crypto assets. Subject to approval by the Frankfurt Stock Exchange, the 21Shares Ethereum ETP [21XE] and 21Shares Bitcoin Cash ETP [21XC] will list on Deutsche Boerse on 9 March, with annual management fees of 1.49% and 2.50%, respectively.

The institutional interest has been increasing for Ethereum ever since the market has been rallying. The second-largest crypto and the most popular altcoin, Ethereum has managed to carve a niche for itself with the addition of decentralized finance [DeFi] and dApps.

Source: CoinStats

At the time of writing, ETH was going strong at $1,713, despite the high volatility in the market. It is returning 142% year-to-date to its investors as more people flock into the Ethereum ecosystem.


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Source: https://ambcrypto.com/etc-group-adds-ethereum-etp-on-deutsche-borse

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