The Need For The Right Crypto Tax Tool
Regardless of whether you’re a crypto enthusiast that got engaged because of the technology or you became a trader, purely for financial reasons, the tax implications are the same. That’s because everyone has to pay taxes on crypto gains. Meanwhile, you need to make sure that you have the right crypto tax tool to get the job done. In doing so, you can make this process as simple as possible.
While finding the best crypto tax tool for your needs is often frustrating, we have already done the hard work for you. We did so by creating a guide to help you make your decision. This guide is for you if;
- You’re looking for a roadmap to finding the best crypto tax tool.
- You’ve been trading crypto and now realize that you need to file taxes on your trades.
- You’re lost on what to look for and how to get started.
- Your CPA is requesting your crypto transaction records.
Whatever your reason for needing this article, we hope this guide can be of help. To do so, you’ll have to collect, classify, and possibly even combine your crypto transactions. Finally, you’ll need to create a report you can use for your taxes.
Our Guide To Finding The Best Crypto Tax Tool For You
When looking for the best crypto tax tool, there are some basic features you’d need it to do. Those features include collecting, classifying, and combining your transactions. Another required feature needed for taxes is the ability to create a tax report.
By looking for this tool, there are five different phases that you may go through. The chart below provides a basic overview of these phases.
As you can see from the chart, this process is unnecessarily difficult, and can even frustrate you. Because of this, this guide walks you through these phases and hopefully makes things easier.
The 5 Phases Of Finding The Best Crypto Tax Tool
Phase 1 – Researching Different Crypto Tax Tools In The Market
We start by researching our different options. You do this by looking for articles, videos, tweets, or other online content that may help you compare your options and see what is available. Below is a list of recommended content that could help you in this process.
- A basic comparison of 4 different crypto tax tools by Benzinga
Phase 2 – Learning About Crypto Taxes
Next, we learn about crypto taxes. You usually do this by asking people you know, speaking with your CPA, and checking online for CPA recommended tools. To help with this phase, consider checking out the following.
- A webinar we hosted with IRS officials about crypto tax laws is located here.
- To view the CPA recommended features we offer, you can check that out here.
Phase 3 – Selecting The Optimal Crypto Tax Tool
Afterward, we’ll dive deeper into the different options we discovered in the research phase. We will use the same process we did in that phase, but this time focus on in-depth reviews of the particular option. As we did before, we provided some recommended content of third-party reviews to check out below.
- An in-depth review by Credible Crypto is located here.
- Another in-depth review this time by Mattlong6 is located here.
- A detailed overview on Benzinga.com is located here.
- A review by ChrisSTR8 on the Cardano.org forums is located here.
Phase 4 – Purchasing the Right Crypto Tax License
Once you’ve chosen your preferred crypto tax tool, you’ll need to select a tax license. They usually offer those licenses as a yearly subscription or a one-off purchase providing a license for the current tax year. The things you have to look for here is;
- How many transactions does the package include?
- What country does the package provide support for?
- Are you able to receive a sample report before paying?
- What do they include in the tax package?
If you’ve chosen to use our platform as your crypto tax tool, you can create a free account to import your transactions and track your portfolio. By doing so, you only need to pay when you are ready to generate your tax report. To get your other questions answered regarding our pricing, visit our pricing page, and select your country.
Phase 5 – Recommending Your Chosen Crypto Tax Tool
We start this phase by learning our chosen platform. To do so, you can ask questions, read articles, or just experiment with the system. After that, if we like the way the system works, we recommend the service to others.
If our platform is the one you chose, then we have lots of options available to get your questions answered. Similarly, we also have a referral program so you can earn some money for the referrals you make. So, if you’d like any of these links or details about our referral program, they’re provided below.
Get Your Questions Answered:
- Check out The Hub
- Visit the Community Forums
- Message us on Telegram
- Send us an email at firstname.lastname@example.org
Our Referral Program:
- Share your referral link with as many people as you’d like.
- Get rewarded 10% of your referral’s first purchase.
- Cash out your rewards with Paypal.
- To get started, create an account and go here.
In conclusion, choosing the right crypto tax tool is like choosing the right college. That is because, if you don’t do proper research, ask the right questions, and understand the differences between the different offers, you will not like the result. So, make your choice wisely.
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We’d also like to thank you for choosing ACCOINTING.com as your cryptocurrency tax provider. If you haven’t yet decided to go with us, we have a free tax plan that doesn’t cost a thing. Creating an account to track your portfolio never costs you anything.