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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

Cardano must remain above this level to revive from current lows or else…

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Cardano, following the lead of Bitcoin and Ethereum was falling today. In fact, in some ways, the third-generation coin has been following the second-generation coin. ADA’s price movement has been imitating ETH’s price action. It is important to consider what this means for the investors. We know they are hit by losses but how bad is that hit? Can they recover from it?

Cardano following Ethereum?

The coin has seen a consistent price fall in the same 5 day period as Ethereum did, falling by 15.08% at press time. At $2.12, things do not look good for ADA holders.

Cardano’s 15.08% drop | Source: TradingView – AMBCrypto

Those who bought ADA for around $2.41, are presently struggling to sell their holdings. As mentioned due to the price falling to $2.14 these people are dealing in losses. At the moment they represent 67% of all ADA investors.

The addresses in profits did not suffer much, however, but those at break-even did. These addresses went into losses and the total number of addresses in loss rose by 4%.

4% Cardano addresses move into losses | Source: Intotheblock – AMBCrypto

These losses further led to the average balance on every Cardano holders’ address dropping from $40k to $37k.

Cardano addresses’ average balance falls | Source: Intotheblock – AMBCrypto

So are there any hopes of recovery?

Hopes of recovery are alive but for that Cardano will have to maintain its strength somehow. Already its correlation to Bitcoin has dropped to 0.71. 

But that hasn’t stopped bullish investors from trying to gain as much profit as possible. The market books show a 16 million ADA worth $34.2 million higher demand for buying even during such a market.

Cardano continues to be bought | Source: Intotheblock – AMBCrypto

At present, $2 is the immediate and critical support. To minimize losses Cardano must remain above it as a fall from it could lead to further downfall.

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Source: https://ambcrypto.com/cardano-must-remain-above-this-level-to-revive-from-current-lows-or-else

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Blockchain

XRP, EOS, Chainlink Price Analysis: 20 September

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Broader crypto market sentiments remained quite bearish over the last 24 hours. The likes of XRP, EOS and Chainlink registered substantial losses.

XRP was trading below a dollar’s mark after over a month’s time. EOS lost 15.4% of its valuation and inched closer to its immediate support level. Lastly, Chainlink declined by 13.5% and was oversold after a gap of multiple months in between. 

XRP

XRP, EOS and Chainlink Price Analysis: 20 September

XRP/USD, TradingView

XRP depreciated 14.6% over the last 24 hours and was trading at $0.90. Immediate support level for the coin was at $0.77. 

Technical outlook suggested negative price action. MACD displayed red bars on the histograms. The Relative Strength Index was near the 20-mark indicating that XRP was oversold. Bollinger Bands diverged, suggesting that price volatility might be on the rise.

Conversely, if XRP’s buying pressure finds its way back, then the first resistance point stands at $1.06. Other price ceilings awaited the alt at $1.20 and $1.31 respectively. 

EOS

XRP, EOS and Chainlink Price Analysis: 20 September

EOS/USD, TradingView

EOS recorded a 15.4% fall over the last 24 hours and was trading at $4.26. The token had last traded around this price level over a month ago. A dip below the current price level could push EOS to trade at $3.90 support line. 

On the four-hour chart, the price of EOS was below the 20-SMA line. This reading meant that momentum belonged with the sellers. The Relative Strength Index was positioned inside the oversold territory.

Chaikin Money Flow was below the half-line as capital inflows also declined. MACD displayed red bars on the histogram. On the flipside, the first resistance mark for the coin was at $4.54. Additional price ceilings were at $5.10 and $5.48. 

Chainlink (LINK)

XRP, EOS and Chainlink Price Analysis: 20 September

LINK/USD, TradingView

Chainlink was priced at $24.07 after it plunged by 13.5% over the last 24 hours. Immediate support line was at $22.50, a price level it last touched on 11 August. The price of LINK was seen below the four-hour 20-SMA, indicating that price momentum belonged to the sellers. 

The Relative Strength Index was on a multi-month low. It was parked near the 20-mark signifying an oversold state. Awesome Oscillator displayed red signal bars. MACD flashed red bars on the histogram. 

In the event of a price reversal, LINK’s immediate resistance was at $27.78. Other resistance lines awaited LINK at $32.37 and $35.83.

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Source: https://ambcrypto.com/xrp-eos-chainlink-price-analysis-20-september

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Blockchain

Mapping Dogecoin’s retreat, as the horizon line recedes from $1 to $0.5 to…

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As most of the market’s coins have sort of recovered from the 7 September crash, DOGE is one of the few “top” alts that hasn’t shown any signs of revival. In fact, DOGE’s price has shrunk by more than 11% on both, the daily and weekly time window. On TradingView’s price chart, it was rather noticeable that DOGE’s price was positioned within its newly-formed descending channel.

Will DOGE bark anytime soon?

At the time of writing, it was noted that close to 60% of addresses that owned DOGE were in losses. IntoTheBlock’s Global In/Out of the Money indicator presented the same. On any given day, rising RoIs manage to attract new investors into the market. However, the current state of returns do not serve as an incentive.

Messari’s data highlighted quite an interesting trend with respect to the meme-coin’s network-value-t0-transaction ratio. This ratio gauges the  relationship between the market cap and the transfer volumes. When the NVT is high, it indicates that the network value is outpacing the value being transferred on the network.

Source: Messari

Usually such a trend tends to rub-off positively on the long-term valuation of any alt. The same has been observed with Ethereum per se. However, this has not been the case with DOGE. The alt’s price has always pumped when the the NVT has been low. On 15 August when DOGE’s price was at its $0.3 local top, the adjusted NVT was  as low as 33.96. Further, during the SNL saga when the price was at its ATH, the NVT was as low as 16.47.

As can be seen from the chart attached, the current level [333] is exorbitantly high, and as per the tradition, isn’t favorable to sustain DOGE’s rally.

Further, when the coin’s price slightly rallied in August, the development activity had started showing signs of revival. In fact, this metric witnessed a steep incline from 8 to 13 in a matter of 10 days in. Since then, the same has remained quite stagnant.

Having said that, it should also be noted that the active developer count has also been on the decline of late. At the time of writing, there was only 1 developer who was actively working. In fact, the submissions on the GitHub repository too has been pretty inert lately.

Source: Santiment

The collective sentiment at the time of writing was additionally bearish at press time. Thus, it doesn’t make sense to expect DOGE’s price to pump in the coming days. If DOGE manages to sustain its current levels, that itself would be equivalent to a victory for the meme-coin and its loyal community. In retrospect, the $0.5 benchmark too, just like $1, seems to be far from attainable at this point.

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Source: https://ambcrypto.com/mapping-doges-retreat-as-the-horizon-closes-in-from-1-to-0-5-to

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